GBP/JPY & EUR/JPY Key Trading Levels – Leading Indicators Fail to Surprise

The Japanese currency pairs are on the move as investors raised the demand for safe-haven currencies. The BOJ’s Deputy Governor nominee Masayoshi Amamiya, at the confirmation hearing in Parliament’s lower house, supported the Japanese Yen. He remarked that the economy is proceeding with a path towards a 2% inflation target.

Moreover, the advantages of easing policy are exceeding costs. A drop in oil prices have had a big impact on Japan’s economy and sales tax hikes are reasons why inflation is not at 2%.

Japan’s leading Indicator fell to 104.8% vs. the 106.5% expectation and 107.4% figure beforehand. Seems like a good chance to grab few PIPs – let me share key trading levels for Japanese crosses.   

EUR/JPY – Major Trading Levels

Support     Resistance

129.65        131.69

129.02        132.32

128             133.34

Key Trading Level:    130.67

GBP/JPY – Major Trading Levels

Support     Resistance

145.06        148.98

143.84        150.2

141.88        152.16

Key Trading Level:    147.02

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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