Copper price activated with stochastic positivity, to confirm the stability of the bullish scenario by surpassing the initial barrier at $5.2000 and recording extra gains.
Forming extra support at $4.9500 level, to increase the efficiency of the bullish scenario to keep waiting for targeting $5.3200 level, reaching 161.8% Fibonacci extension level at $5.5000, to form the next main target in the current trading.
The expected trading range for today is between $5.0600 and $5.3200
The GBPJPY pair failed to settle above the barrier at 206.95 level, forcing it to form corrective waves to settle near 205.75 as appears in above image.
Stochastic attempt to exit the oversold level, to increase the intraday negative pressures on the trading, to increase the chances of testing extra support at 205.20, where breaking it will force it to suffer extra losses by reaching 204.60 and 204.10, while renewing the bullish attempts require providing new positive close above 206.90, to ease the mission of recording the main positive targets that extend to 207.70 and 208.25.
The expected trading range for today is between 205.20 and 206.60
Platinum price continued to form repeated bullish trading, recording some gains by hitting $1724.00 level, to bounce back to settle near $1695.00 level.
No escape for resuming the bullish attack, as there are several factors that begin by the stability above $1605.00 support, besides the unionism of providing bullish momentum by the main indicators, therefore, we will keep our bullish suggestion that might target $1745.00 and $1778.00 level.
The expected trading range for today is between $1680.00 and $1745.00
The GBPJPY pair failed to settle above the barrier at 206.95 level, forcing it to form corrective waves to settle near 205.75 as appears in above image.
Stochastic attempt to exit the oversold level, to increase the intraday negative pressures on the trading, to increase the chances of testing extra support at 205.20, where breaking it will force it to suffer extra losses by reaching 204.60 and 204.10, while renewing the bullish attempts require providing new positive close above 206.90, to ease the mission of recording the main positive targets that extend to 207.70 and 208.25.
The expected trading range for today is between 205.20 and 206.60
Following the bullish action seen in the first half of the week, EUR/USD corrects lower on Friday and declines toward 1.1550. The pair’s technical outlook points to a loss of bullish momentum. Financial markets in the US will close early on Black Friday.
Euro Price This week
The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the strongest against the US Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.55%
-0.86%
-0.17%
-0.46%
-1.02%
-1.67%
-0.32%
EUR
0.55%
-0.29%
0.38%
0.09%
-0.49%
-1.13%
0.22%
GBP
0.86%
0.29%
0.68%
0.39%
-0.19%
-0.85%
0.52%
JPY
0.17%
-0.38%
-0.68%
-0.28%
-0.90%
-1.64%
-0.15%
CAD
0.46%
-0.09%
-0.39%
0.28%
-0.58%
-1.24%
0.14%
AUD
1.02%
0.49%
0.19%
0.90%
0.58%
-0.66%
0.74%
NZD
1.67%
1.13%
0.85%
1.64%
1.24%
0.66%
1.39%
CHF
0.32%
-0.22%
-0.52%
0.15%
-0.14%
-0.74%
-1.39%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
After struggling to make a decisive move in either direction on the Thanksgiving Day on Thursday, EUR/USD stays on the back foot as markets adopt a cautious stance.
Earlier in the day, the data from Germany showed that Retail Sales declined by 0.3% on a monthly basis in October. This print followed the 0.3% increase recorded in September and came in weaker than the market expectation for an increase of 0.2%, making it difficult for the Euro to find demand.
In the second half of the day, November Consumer Price Index (CPI) data from Germany will be featured in the European economic calendar. Analysts expect the monthly CPI to decline by 0.3%. A positive print could support the Euro with the immediate reaction. Nevertheless, investors could refrain from taking large positions based on this data.
It’s worth noting that month-end flows, combined with thin trading conditions, could ramp up the market volatility and cause some irregular movements in financial markets heading into the weekend.
EUR/USD Technical Analysis:
The 20-period Simple Moving Average (SMA) rises above the 50- and 100-period SMAs, suggesting an improving short-term bias, while the 200-period SMA flattens at 1.1585 and caps the recovery. RSI (14) holds at 51, neutral and consistent with a range-bound tone. Measured from the 1.1885 high to the 1.1472 low, the 23.6% retracement at 1.1569 has been reclaimed, with the 38.2% retracement at 1.1630 acting as the next resistance above 1.1585.
On the downside, immediate support is seen at 1.1569. This level is also reinforced by the 100-period SMA. A daily close below this level could open the door for an extended decline toward 1.1500 (static level, round level) and 1.1470 (static level).
(The technical analysis of this story was written with the help of an AI tool)
Euro FAQs
The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day.
EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy.
The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control.
Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency.
A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall.
Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period.
If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
Later this morning, BoJ Governor Kazuo Ueda could greenlight a December hike, potentially kick-starting a USD/JPY bearish-trend reversal.
USD/JPY has soared 5.63% in the fourth quarter, fueled by Prime Minister Sanae Takaichi’s support for ultra-loose monetary policy and fiscal stimulus policies. Previously fading bets on a December rate cut contributed to the fourth quarter rally.
However, growing concerns about the weaker yen pushing import prices higher and eroding Japanese households’ purchasing power have added to the chances of a BoJ hike.
I expect USD/JPY to drop sharply if Governor Ueda focuses on elevated import prices while talking optimistically about wage growth. Markets would likely view such comments as a green light for a rate hike at the December meeting.
Economists continue to flag the weaker yen as a BoJ focal point, aligning with my bearish stance on USD/JPY.
East Asia Econ commented on October’s national inflation figures, stating:
“Headline SPPI inflation was stable in October, but weak for high labor-intensive sectors, while part-time wages were strong, likely on the back of the minimum wage hike. That’s an unclear picture. But right now, with JPY so weak, the BoJ will focus more on headline CPI than these messy details.”
US PMI Data and Fed Speakers to Impact US Dollar Demand
While BoJ Governor Ueda will take center stage in the Asian session, US data and Fed speakers are in focus later on Monday.
Economists forecast the ISM Manufacturing PMI to fall from 48.7 in October to 48.6 in November. A more marked contraction across the manufacturing sector and softer prices would raise expectations of a December Fed rate cut.
November’s data will come ahead of a Fed Chair Powell speech after the market close on Monday, December 1.
Powell’s support for a December rate cut, coupled with a hawkish BoJ Governor, would likely send USD/JPY toward 150, setting up a sharper fall to 140 later in the month.
According to the CME FedWatch Tool, the probability of a December cut jumped from 39.1% on November 20 to 86.4% on November 28. Meanwhile, November’s Reuters poll showed a majority of economists predicting a December BoJ rate hike. All panelists expecting a policy adjustment by March 2026.
Looking at the daily chart, USD/JPY remained above the 50-day and 200-day Exponential Moving Averages (EMAs), affirming a bullish bias. However, fundamentals have started to shift from the technical trend, supporting a bearish outlook.
A break below the 155 support level would pave the way to the 50-day EMA and the 153 support level. If breached, the 200-day EMA and 150 would be the next key support levels. Crucially, a break below the 50-day EMA would indicate a bearish trend reversal, signaling a drop toward 140.
The British pound extended its broader bullish tone against the yen, with recent sessions confirming strong upward momentum.
Support and resistance levels remain well-defined, while interest rate differentials and risk appetite continue to underpin longer-term upside bias.
The British pound initially fell against the Japanese yen during the trading session here on Thursday but at this point it looks as if it is a market that continues to see a lot of upward trajectory and of course we need to keep in mind that the Wednesday session was a big huge victory for the British pound and it looks like we tried to roll that back but then turned around to show a confirmation of the strength.
If we can break above the high of both Wednesday and Thursday, then we have the British pound reaching towards the 210 yen level over the longer term. If we break it down, I think the 205 yen level will end up being a significant support level, as it was previous resistance. All things being equal, you do get paid at the end of every day to hang on to this pair. So, I think the interest rate differential continues to be a major factor.
Interest Rate Dynamics and Long-Term Bias
Especially as the Bank of Japan has almost no real serious possibility of tightening monetary policy of any significant note, while the British pound, despite the fact that the Bank of England came very close to cutting rates, still has a larger interest rate behind it. And therefore, I think you’ve got a situation where over the longer term, we should continue to just levitate here. Furthermore, you also have to keep in mind that there is a risk appetite factor here, and traders typically will buy this pair when they feel more risk on than risk-averse, and of course vice versa. I like buying dips here. I think we go higher.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
The EUR/JPY cross trades in negative territory near 181.05 during the early European session in Friday. The Japanese Yen (JPY) edges higher against the Euro (EUR) amid some verbal intervention from Japanese authorities. Traders brace for the release of Germany’s Retail Sales and Consumer Price Index (CPI) inflation data, which will be released later on Friday.
In the daily chart, EUR/JPY trades at 181.04. Price holds well above the rising 100-EMA at 174.71, sustaining the medium-term uptrend. The slope of the average has steepened in recent weeks, reinforcing bullish control. RSI at 63.77 is firm but not overbought, easing from 65.56 and indicating momentum has cooled slightly.
Price trades above the middle Bollinger Band and leans toward the upper band at 182.67, while the bands widen, signaling persistent bullish pressure and elevated volatility. A daily close through the upper band could extend the advance, whereas a pullback under 179.41 would expose a support range at 176.15–174.71.
(The technical analysis of this story was written with the help of an AI tool)
Japanese Yen FAQs
The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.
Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.
The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.
The bond market backed the move. The 10-year Treasury yield settled at 4.017%, down 0.050 or -1.23%. Lower yields reduce the appeal of government paper relative to a non-yielding asset like gold. When rate-cut bets rise and the long end follows, gold typically benefits, and this week fit that pattern perfectly.
Global Forces Keep Safe-Haven Demand in Play
Fundamentals outside the U.S. also supported the metal. The economy continues to post a mixed setup: Q3 GDP held near 2.7% annualized, but jobs are losing momentum with just 119,000 new positions in September and unemployment inching up to 4.4%.
Add unresolved tensions in the Russia-Ukraine conflict plus ongoing trade uncertainty, and it’s no surprise that central bank gold buying hit 634 tonnes through Q3 — up 28% from the previous quarter.
Gold Price Forecast Heading Into the December Fed Meeting
Short-term, the bias stays bullish as long as the market expects a December rate cut. If the Fed delivers the quarter-point move on December 9–10, gold has a clear path to retest the October peak. A surprise hold would cool enthusiasm, but right now, policy expectations, soft yields, and global stress keep the advantage with buyers.
Copper price began receiving bullish momentum by stochastic approach from 50 level, reinforcing the positive stability within the bullish track, besides the continuation of forming extra support at $4.7500 level.
We expect target $5.2000 barrier, surpassing it will lead to form new bullish waves to target more positive stations that begin at $5.3200 and %161.8 Fibonacci extension level near $5.5000.
The expected trading range for today is between $4.9800 and $5.2000
