EUR/JPY reacts to official comments

Source: Dukascopy Bank SA


The Governor of Bank of Japan Haruhiko Kuroda has stated after meeting with the Prime Minister of Japan Fumio Kishida that high currency movements are undesirable due to their impact on business plans. Namely, 2-3 Yen moves against the Dollar were identified as too high. Meanwhile, the ECB has hiked interest rates and policymakers of the central bank have stated that they intend to continue to hike.

In general, the two currencies have strengthened, but the chart reveals that the Japanese Yen has gained more value. Namely, the EUR/JPY pair has declined to the weekly R2 simple pivot point at 142.58 and the 142.60 level.

A decline below the 142.50 mark, might look for support in the 142.00 and 141.50 levels, prior to approaching the cluster of technical levels near 141.00. The 141.00 level is being strengthened by the 200-hour simple moving average and the weekly R1 simple pivot point at 140.92.

On the other hand, a surge of the Euro against the Japanese Yen is expected to face resistance in the 143.50 level, the 50-hour simple moving average near 143.70, the 144.00 mark and the weekly R2 simple pivot point at 144.41. Only after all of these levels are broken, the pair is set to reach the week's high level at 144.75.
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