EUR/JPY jumps due to Bank of Japan

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


On Monday, the EUR/JPY currency exchange rate jumped. Actually, the Japanese Yen plummeted on all charts, as the Bank of Japan announced that it would buy an unlimited amount of ten year Japanese government bonds to keep the yields of the bonds down.

On the EUR/JPY charts the event resulted in a move up to the 137.50 level. The round exchange rate level acted as resistance and caused a retracement below the 137.00 level.

If the Japanese Yen continues to decline, the EUR/JPY pair would surge. A potential surge is set to test the resistance of the 137.50 mark, before approaching the weekly R3 simple pivot point at 138.92. In the meantime, take into account that the 138.00 and 138.50 levels might act as resistance.

On the other hand, a decline is expected to look for support in the 136.50 and 136.00 levels, before approaching the weekly R1 simple pivot point at 135.56 and the 135.50 mark.
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