EUR/JPY further growth confirmed above 143.09 [Video]

Olimpiu Tuns Learn 2 Trade

The EUR/JPY pair rallied at the time of writing as the JPY was weakened by the Japanese Yen Futures’ drop. Also, the Japanese Yen Basket plunged after the BOJ. As you already know, the Bank of Japan maintained its monetary policy in the June meeting. Fundamentally, this could be bad for the Yen. The currency pair continues to grow even if the Euro-zone Current Account came in at -5.8B below -3.2B expected. Tomorrow, the BOJ Monetary Policy Meeting Minutes could bring more volatility.

From the technical point of view, the EUR/JPY pair was expected to resume its growth after jumping and stabilizing above the 141.77 and above the ascending pitchfork’s upper median line (uml) which represented upside obstacles. Now, it has taken out the resistance represented by the weekly R1 (143.09). As long as it stays above this level, the pair could approach and reach fresh new highs. The 144.25 former high could represent a first upside target.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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