EUR/JPY tests high level

Source: Dukascopy Bank SA


In general, the surge of the USD/JPY has been caused by the weakness of the Japanese Yen. Namely, the Bank of Japan has kept its monetary policy easy, as it does not have to fight inflation. The US Federal Reserve has hiked interest rates and increased demand for the USD. The equation is simple. However, it is not the only rate impacted by the BoJ, as the European Central Bank and Bank of England are also fighting inflation by tightening policy.

In general, the EUR/JPY respects round levels and most recently found support in a zone near 152.00, before starting another attempt to reaching a new higher high by breaking the resistance of the 158.00 level.

A move above 158.00 could be slowed down by the combination of the 160.00 mark and the upper trend line of the broad channel up pattern, which captures the decline of the Yen against Euro.

In the case of a decline of the currency exchange rate, watch the 154.00 level and the 151.10/151.60 zone together with the 152.00 mark. Further below, the 200-day SMA and the 146.00 level are highly likely going to act as support.
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