The chart of the EUR/JPY currency pair reversed the direction of its price movement today which ended the bullish pattern of the past week.
The yen is seen moving positively towards the end of this week's trading but no clear factors have been identified to support the strengthening of the currency.
While the Euro began to show a decline following the German inflation data published in the European session yesterday showed a declining figure.
Investors have already been aware of the risk of the movement of the Euro following the members of the European central bank have given a clear signal to prepare to switch to policy easing without having to wait for steps from the Federal Reserve (Fed).
Looking at the EUR/JPY chart, the price in April trading has broken the latest record high surpassing the 2008 record, reaching the level of 171,500.
This is the highest level recorded since 1992!
However, a significant price plunge again is believed to be an intervention by the Japanese authorities in the market, but denied.
For the last few weeks, the price managed to display a rising pattern again from the 164.00 level.
This week, prices are seen to continue the rising pattern that continued last week with the high level of 170.80 reached yesterday's Wednesday level.
But the initial signal for a change in the price trend was detected yesterday when the price started to move below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/JPY chart.
Continuing trading today, a significant drop in price was exhibited in the Asian and European sessions, seeing the price reach around 169,300.
Ending the previous series of increases, the price is seen to tend to show a decrease to a lower level in the following sessions.
The next expected price drop is to go to the price support zone around 167,400 where it was also tested in mid-May.
Meanwhile, if the price makes an increase again after this, yesterday's high level will try to be overcome.
The target is to regain the height of 171.500 which is the latest record high of the price.
