The price movement on the chart of the EUR/JPY currency pair shows a more 'bearish' pattern this week with the Euro currency maintaining a gloomy performance.
If examined based on central bank policy factors, the President of the European Central Bank (ECB) continues to repeat that in an effort to lower the high inflation rate, the central bank needs to continue tightening monetary policy.
However, the situation failed to inject strength into the Euro currency which continued to exhibit weak performance until the end of the week.
Meanwhile, the Yen currency is seen to be moving better compared to the weakened Euro, but the uncertain market sentiment can increase the risk to the safe-haven currency.
If you look at the movement on the EUR/JPY chart, the 145.00 level is a resistance for the price to continue rising higher.
At the beginning of the week the price dropped to test the support level at 143.00 before bouncing back towards the 145.00 zone.
However, the decline occurred again and crossed 145.00 and approached the close of the week's trade to the level around 142.00.
Lower declines are expected to occur in the final trading session of the week as all focus is on the United States (US) NFP employment data report.
A further drop in price is expected to test the 141.00 zone first before heading towards the 140.00 concentration level.
However, if the price manages to bounce back, the initial resistance at 143.00 will be tested before a bullish trend reversal signal is assessed.
The upside target will return to the 145.00 resistance level that was tested earlier in the week.
