Did you know that this week, the price on the EUR/JPY currency pair chart managed to break the latest record high since 2008?
This situation has been expected by traders who are fond of the chart following the policy meeting for both the European Central Bank (ECB) and the Bank of Japan (BOJ).
The Euro currency strengthened after the ECB raised interest rates yesterday, stating that there would be several more rate hikes at subsequent meetings.
Meanwhile, the BOJ met the forecast to maintain interest rates and loose policy, pushing the yen down as expected.
Therefore, the price movement on the EUR/JPY chart remains on the track of its upward trend and successfully surpassed the height reached last May.
The surge that has passed the level of 153.00 yesterday is seen to continue increasing until the beginning of the European session today (Friday) to around 154.00.
Momentum is still maintained and investors do not see any new indications of a possible trend change, but still need to be wary of risks in trading in the final session of the week-end.
A higher move can be expected for the price to reach up to 157.00 to continue hunting for the latest record.
Meanwhile, if the price plunges again and crosses the MA50 support level, this will be an early sign of a bearish trend change on the chart.
A lower drop will lead to the RBS (resistance become support) zone at 151.00 which is expected to invite a price reaction around that area.
Next, the 150.00 level is also seen as a focus that will be tested by the price on a continued downward pattern.
