Can the price surge continue on the EUR/JPY currency pair chart towards the end of the week?
On Tuesday yesterday, prices accelerated higher in the Asian session as the market reacted to the monetary policy meeting of the central bank of Japan.
Interest rates were expected to be kept at -0.10% before a follow-up speech by governor Kazuo Ueda was seen as hinting for looser policy to continue.
Thus, the price is seen to continue the continuous surge in trading in the European session yesterday.
But in the New York session, the price retreated back down after the previous increase approaching the level of 158,600.
The euro continued to trade in the Asian session this morning (Wednesday) with a bleak tone despite being seen to have gained an advantage while the US dollar currency was weakening again since yesterday.
The price movement on the EUR/JPY chart is seen to be still in an upward trend moving above the support line of the Moving Average 50 (MA50) on the 1-hour time frame, only slightly retreating in the Asian session today.
The price increase is still expected to occur and continue to overcome the height reached yesterday.
The next price will target the rise reaching the concentration level around 1600.00 while maintaining the bullish trend movement.
However, it is not impossible for the price to plunge to see the price hovering again below 157.00.
Next, a lower drop would expect the support level at 154.00 to target again after being tested several times in the previous weeks.
