EUR/JPY ended yesterday in the upper ¥176 range as the yen strengthened. Some observers pointed to the possibility that France's fiscal concerns affected market developments.
EUR/JPY moved toward yen strength in yesterday's trading. Trading began with a gap on Monday, which was subsequently filled. The yen strengthened from the evening onward, and the pair closed with the yen stronger than at the previous close. No major economic data were released in Japan or the euro area, and no remarks by officials were reported, but France's fiscal concerns are believed to have been seen as a market factor.
In today's technical analysis for the 13th, the order book showed heavy buy orders in the upper ¥176 range, which attracted attention as a level near support. Heavy buy orders were also present in the upper ¥177 range, with movements near resistance also being watched. By contrast, sell orders were heavy around ¥180, and trading at the round-number level was observed. The detailed order book is available on a separate page.
Correlation analysis over the most recent 24 hours showed strong correlations between EUR/JPY and AUD/JPY, EUR/USD, GBP/USD and AUD/USD, while GBP/JPY was also included among the correlated pairs. Conversely, EUR/JPY showed a tendency to move inversely to USD/JPY.
This week's key events include Germany's revised September consumer price index, remarks by the ECB President and the US September CPI, including the core measure. Real-time EUR/JPY movements can be checked on the EUR/JPY real-time rates page.