The EURJPY currency pair is experiencing an upward movement, reaching a value of 157.634. This increase can be attributed to the Bank of Japan’s decision to keep its interest rates at -0.1%.

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• EUR/JPY trades higher as BoJ maintained its current interest rates at -0.1%.

The pair currently trades last at 157.634.

The previous day high was 158.14 while the previous day low was 157.04. The daily 38.2% Fib levels comes at 157.46, expected to provide support. Similarly, the daily 61.8% fib level is at 157.72, expected to provide resistance.

EUR/JPY attempts to recover from the previous day’s losses after the interest rate decision by the Bank of Japan (BoJ). As widely expected, BoJ maintained its current interest rates at -0.1%. The spot price is trading higher around 157.60 during the Asian session on Friday.

As the Japanese Yen (JPY) faced renewed selling pressure earlier in the day, Japan’s Finance Minister Shunichi Suzuki responded with typical verbal intervention. Suzuki stated that he has no comment on recent foreign exchange (FX) levels and movements.

Suzuki also noted that the FX intervention conducted last year had its intended impact, and the central bank is closely monitoring FX movements with a high degree of urgency.

Furthermore, the policymaker emphasized that they are not ruling out any options for responding to excessive FX volatility and are in close communication with foreign currency authorities overseas.

Japan’s National Consumer Price Index (YoY) for August grew to 3.2% slightly lower than the previous rate of 3.3%. While National CPI ex-Fresh Food (YoY) remained consistent at 3.1% against the expected 3.0%.

On the European Central Bank (ECB) front, Chief Economist Phillip Lane stated early on Friday that “inflation over 2% is costly for the economy.” Lane emphasized that central banks aim to achieve inflation targets in the medium term and refrained from speculating on future ECB policy decisions. The policymaker also pointed out that the most effective way to tighten monetary policy is through adjustments to interest rates.

Investors will also likely observe preliminary HCOB PMIs from the Eurozone for September, seeking more valuable insights into the bloc’s economic activities.

Technical Levels: Supports and Resistances

EURJPY currently trading at 157.64 at the time of writing. Pair opened at 157.39 and is trading with a change of 0.16 % .

The pair is trading below its 20 Daily moving average @ 158.04, above its 50 Daily moving average @ 157.46 , above its 100 Daily moving average @ 154.83 and above its 200 Daily moving average @ 149.0

The previous day high was 158.14 while the previous day low was 157.04. The daily 38.2% Fib levels comes at 157.46, expected to provide support. Similarly, the daily 61.8% fib level is at 157.72, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 156.9, 156.41, 155.79
• Pivot resistance is noted at 158.01, 158.63, 159.11

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