EUR/JPY recovery reaches 138.00 level

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


The decline of the EUR/JPY urrency pair found support in the 134.85/135.10 zone. Afterwards, the pair traded sideways until the Bank of Japan released its monetary policy statement.

In general, the bank is set to continue its monetary easing policy, which is weakening the value of the Yen. Namely, the bank is keeping its bank rates at previous levels and 10-year Japanese government bond yield target is set to be the same. Meanwhile, the inflation forecast for 2022 has been raised from 1.1% up to 1.9%.

The announcement resulted in a surge of the EUR/JPY up to the 138.00 level, which appeared ot have acted as resistance. By the middle of Thursday's trading, the pair had retraced and found support in the 137.00 mark, the 100-hour simple moving average and the weekly S1 simple pivot point.

If the pair resumes its recovery, it would have to pass the 138.00 mark and the weekly simple pivot point at 138.40, before approaching the previous August high level at 140.00. On the other hand, take into account that a potential decline is expected to look for support in the 136.00 level and the 50-hour simple moving average, prior to reaching the 134.85/135.10 zone.
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