EUR/JPY was observed trading in the mid-¥177 range today, with the order book showing levels of heavy buying and heavy selling. Heavy buying is also observed in the ¥176 range, while heavy selling is observed in the upper ¥177 range.
EUR/JPY edged toward a stronger yen yesterday, trading within a narrow range in the morning and again within a narrow range in the afternoon. The yen's intraday strength was influenced by USD/JPY, but the momentum toward a stronger yen weakened after midnight. EUR/JPY showed no particular reaction to an announcement that Japan had recorded a trade deficit. Remarks by French President Macron and reports concerning Saudi Arabia's diesel fuel supply were also reported.
In today's (22 October) EUR/JPY chart analysis, the order book shows particularly heavy buy orders around ¥177, with heavy buy orders also confirmed in the mid-¥176 range. Meanwhile, sell orders are heavy in the upper ¥177 range, and heavy selling is also observed in the lower ¥176 range. These orders are considered to have been placed near support and resistance levels.
Among correlations between EUR/JPY and other currency pairs, a strong correlation with USD/JPY was observed over the past 24 hours, while GBP/JPY and EUR/USD also showed correlations. The weak inverse correlations identified were GBP/USD and AUD/USD. Among the eight major currencies, the Australian dollar was strongest recently and the euro was weakest. The yen was broadly flat and traded in negative territory.