EUR/JPY reacts to fundamentals

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The Governor of Banque de France Francois Villeroy de Galhau, who is a policymaker at the European Central Bank, has just stated that the ECB would raise rates until core inflation declines. The governor stated that the 4.8% core inflation in the Euro Zone was too high and too broad.

On the EUR/JPY currency pair charts it resulted in a surge to the resistance of the weekly R1 simple pivot point at the 143.63 level. A move higher above would face no technical resistance as high as the weekly R2 simple pivot point at 145.43. However, round exchange rate levels like the 144.00, 144.50 and 145.00 could act as resistance.

However, a decline of the Euro against the Japanese Yen could look for support in the 143.50 and 143.00 levels, before reaching the support and resistance zone at 142.35/142.65.
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