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EURJPY Set To Extend Two-Week Rally, Eyes 2022 Highs

JPY
  • EURJPY has risen 0.35% on Wednesday and looks set to extend a two-week rally to around 3.2%. With markets grappling over the imminent path of the US dollar, EURJPY has steadily been grinding higher, benefitting from the steady march higher for core yields in the same period.
  • The Japanese yen underwent a sharp bout of volatility on Wednesday as Bloomberg cited sources in reporting that the Bank of Japan is said to be wary over any tweak of yield curve control in April, with the smoother curve said to suggest no need for a policy move at this juncture. The piece added that the bank is said to be mulling if a guidance change can wait or not.
  • Overall, EURJPY bulls remain in the driver’s seat and the cross is trading at its recent highs. The Apr 11 break of 145.67, Mar 31 high, strengthened bullish conditions and has paved the way for a climb towards 147.71, the Oct 31 2022 high, which has been pierced today.
  • Moving average studies remain in a bull-mode set-up highlighting a rising trend and the focus is on 148.40, the Oct 21 2022 and a key resistance. Initial firm support lies at 144.94, the 20-day EMA.
  • On the data front, March trade balance and national core CPI will cross on Thursday & Friday respectively.
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