EUR/JPY Price Analysis: Further weakness not ruled out

EUR/JPY trades in a volatile fashion after the initial drop to 151.40.
In the current context, further losses should remain on the table.

EUR/JPY trades in quite a volatile fashion following both the ECB and the BoJ meetings.

Once the dust settles, further decline could prompt the cross to test the interim 100-day SMA around 149.80. On the other hand, the resumption of the uptrend could motivate the cross to dispute the 2023 high in the 158.00 zone.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 146.43.

EUR/JPY daily chart

Jul 28, 2023

BoJ: Possibility of slightly higher interest rates long-term would be a disastrous for the JPY – Commerzbank

BoJ surprises again. The JPY reaction too suggests that the market does not interpret today’s monetary policy decision as the start of a restrictive p

AUD/USD to test and then likely break support at 0.6598/94 – Credit Suisse

Analysts at Credit Suisse look for a test of price support at 0.6598/94, with a break lower now seen likely. Break above 0.6714/15 needed to ease the