Did you know that the price chart of the EUR/JPY currency pair is currently trading at its highest level since 1992?
Yes, this is the highest level the price has reached after breaking through the 170.00 level this week.
The situation of continuous upward price movement shows that the Euro currency is moving better than the riskier Yen.
Concerns over possible intervention by the Japanese authorities to restabilize the value of the Yen, could have a major impact on the financial market.
Meanwhile, the Euro has recently been more influenced by political sentiment with the French election.
Despite looking positive against the Yen, the Euro is still shrouded in the risk of uncertainty with the change of ruling party in France.
The trend on the EUR/JPY chart remains bullish seeing that the price has broken through the resistance of 170.00 which is the peak level reached in June 2008.
Passing this latest high, the price broke a record high for a period of 32 years.
Last week, the price reached a high of 174,500 and this week the price slightly surpassed it to hover around 174,700 today (Wednesday).
Although the upward movement in prices has been relatively flat since last week continuing into this week, the trend is seen to remain bullish with prices still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/JPY chart.
Higher increases are expected to continue as prices continue to break recent records. The level of 175.00 is getting close to being broken before 176.00 and 177.00 as the next price target.
However, a shock price plunge can happen at any time with several concentration levels to be tested such as 173.00 and 172.00.
The 171,500 zone is also seen as an important zone that has invited a price reaction to the previous rising pattern.
The continued decline will return to the border level of 170.00.
