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market analysis

Euro/JPY rises as risk sentiment and policy differences put pressure on yen

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Hello everyone, today XM Forex will bring you "[XM Forex Market Analysis]: The euro/Japanese yen rises due to risk sentiment and policy differences." Hope it will be helpful to you! The original content is as follows:

In trading on Wednesday, the euro (EUR) strengthened against the Japanese yen (JPY), and improved risk sentiment suppressed demand for safe-haven yen.

As EUR/JPY trading above the critical psychological level of 169.00, the recovery of bull momentum may provide potential for retesting 170.00.

As tensions continue to ease in the Middle East, the focus has turned back to monetary policy and potential growth prospects in global markets.

For Japan, the Bank of Japan (BoJ) summary of Wednesday's opinion provided temporary relief to the yen as some policy makers adopted a hawkish tone. However, most policy makers expressed concern about the possible threats tariffs pose to the Japanese economy.

While BoJ policymaker Naoki Tamura hinted that interest rates could be raised “as early as July” to cope with rising inflation, BoJ’s ability to raise rates appears to depend on the prospect of a trade deal with the United States.

Euro/JPY Technical Analysis: Can the bulls push the price to 170.00?

Euro/JPY is currently trading at 169.25, slightly below the key psychological resistance level of 170.00. The next resistance level was observed at 78.6% Fibonacci retracement level in July-August, at 170.93.

The upward action capacity of the pair remains strong, supported by widespread policy differences between the European Central Bank (ECB) and the Bank of Japan (BoJ).

Technically, the euro/JPY is still in the overbought zone, with the relative strength index (RSI) above 70, indicating tight conditions; however, buying on dips is still supporting the pair.

The price is much higher than the 10th (167.56) and 20-day (165.95) simple moving averages (SMA), further consolidating the bullish trend.

However, traders are now paying close attention to signs of weakness or breaking through 171 to test the 175.43 level, which marks a 100% retracement at the July 2024 high.

The above content is all about "[XM Foreign Exchange Market Analysis]: The euro/Japanese yen rises due to risk sentiment and policy differences". It is carefully xmmarkets.cnpiled and edited by the XM Foreign Exchange editor. I hope it will be helpful to your trading! Thanks for the support!

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