EUR/JPY consolidates within the 157.00/158.50 range, with an upward bias influenced by ECB President Christine Lagarde’s hawkish tone on inflation.
Technical indicators suggest a new trading range could form if the pair falls below 157.00, with key levels at August 3 low of 155.53 and August 23 low of 156.87.
A breach above the Tenkan-Sen line at 158.18 could open the door for bulls, targeting the year-to-date high of 159.49, while a break below 158.00 may trigger a slide towards 157.00.
As the New York session closes, the Euro (EUR) recovers some ground against the Japanese Yen (JPY) after neutral to hawkish remarks by the European Central Bank (ECB) President Christine Lagarde emphasized the ECB’s commitment to inflation. Hence, the EUR/JPY pair resumes its uptrend, set to finish Friday’s session with gains of 0.31%.
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