The hunt for new record highs since 2008 has not stopped on the EUR/JPY currency pair's continuing chart this week.
In the past week, the price managed to reach a height of 155,300 as the Euro currency strengthened supported by the decision of the European central bank meeting which raised interest rates by 25 basis points.
The President of the European Central Bank (ECB) Christine Lagarde at last week's meeting also signaled that interest rate hikes will continue to bring inflation down to the target level.
With the movement of the Yen also weakening after Japan's central bank maintained loose policy, prices continued their upward trend this week.
Flattening for a while at the beginning of the week, the price increase continued until yesterday's New York session reaching a new record around 155,900.
The price movement today (Thursday) remained flat at that height until the beginning of the opening of the European session.
The price that is still moving above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/JPY chart gives the expectation that the price bullish trend will still be maintained.
The next increase is expected to reach 157.00 as a new 15-year record high.
However, be alert if there are signs of an impending trend change with prices starting to change direction to make a decrease.
The initial fall of the price is seen to go first to the closest support level around 154.00 before a price reaction is observed.
If it still breaks through lower, the price can reach up to around 151.00 or to the 150.00 level again.
