The USD/JPY pair has so far remained at a little over 102.20 in today's session, the same position it was during at the opening of the Asian session yesterday. The pair also reached a 4.5-year high yesterday at the 102.80 area. Analysts expect the USD/JPY to reach 105.00 by the end of the year, primarily due to a stronger USD as well as weakened investor confidence on Japan.
Initial resistance for the pair is seen at 103.03 followed by 103.29, while initial support is seen at 101.84 followed by 101.58.
EUR/USD Reaches Monthly Low
Meanwhile, a combination of a strong USD and a weak EUR led the EUR/USD to a monthly low of 1.2841. This was after disappointing GDP data came in from France, Germany, and the EU. German GDP fell to -0.2% from the previous 0.4% and against the 0.2% consensus. Meanwhile, France's GDP met analysts’ expectations as it fell to -0.4% from the previous 0.0%. Finally, the Eurozone's GDP fell slightly lower from the previous -0.9% to -1.0%.
The EUR/USD pair is currently trading at around 1.288 with initial resistance seen at 1.2975 followed by 1.3007. On the other hand, initial support is at 1.2858 followed by 1.2826. Analysts expect the pair to fall to 1.26 levels in the next 3 months.
EUR/JPY Sees Limited Growth
Unlike the USD/JPY, the EUR/JPY has seen limited growth so far. Currently trading at around 131.45, the cross fell by about -0.3% so far this week, although it is higher by almost 16% year to date and up by 28% in the last 6 months. Again, this is caused by continued weak EU data, and a stronger Japanese economy. Initial resistance for the pair is seen at 133.19 followed by 133.52, while initial support is seen at 131.92 followed by 131.59. For more fx trading tips, please check out our fx trading tips section.
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