The price chart of the EUR/JPY currency pair is seen to have managed to maintain an upward pattern throughout the week with several factors affecting it.
The yen continues to trade weakly at the end of Japan's fiscal year which is on March 31 with the Japanese central bank's policy also being kept loose.
The Euro as an anti-USD currency managed to rise as investors watched the German inflation data published yesterday.
In today's European session, the reading of consumer price index (CPI) data in Europe will be monitored and can give an initial impression of policy setting by the European central bank hereafter.
If you look at the EUR/JPY chart, the price that started trading at the beginning of the week around 140.500 has finally reached the high level of 145.00 as of yesterday's New York session.
After the price started to move above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/JPY chart earlier in the week, investors have judged that a bullish price movement is about to appear.
However, investors remain cautious if there is any surprise price change that could occur following the increased risk at the close of trading in the first quarter of 2023.
Trading that continues today (Friday) is still hovering in the 145.00 zone with the expectation that the upward trend can still continue.
If it continues successfully, the level of 146,500 is seen to be the focus to be reached before the price continues to rise to the next higher destination around 148,300.
The height was reached last October 2022 and recorded the highest level since the end of 2014.
If the price plunges again at the close of these last sessions, the price will stop at the 143.00 zone and investors will look for indications of a trend change.
The continued decline is seen to lead up to the 140.00 concentration level and will be the low for this week's trade.
