EUR/JPY moves above 157.50 on BoJ's no-interest rates change


  • EUR/JPY trades higher as BoJ maintained its current interest rates at -0.1%.
  • Japan's Finance Minister Shunichi Suzuki stressed that they are not ruling out any options to address excessive foreign exchange volatility.
  • ECB Chief Economist Phillip Lane emphasized tightening monetary policy through adjustments to interest rates.

EUR/JPY attempts to recover from the previous day’s losses after the interest rate decision by the Bank of Japan (BoJ). As widely expected, BoJ maintained its current interest rates at -0.1%. The spot price is trading higher around 157.60 during the Asian session on Friday.

As the Japanese Yen (JPY) faced renewed selling pressure earlier in the day, Japan's Finance Minister Shunichi Suzuki responded with typical verbal intervention. Suzuki stated that he has no comment on recent foreign exchange (FX) levels and movements.

Suzuki also noted that the FX intervention conducted last year had its intended impact, and the central bank is closely monitoring FX movements with a high degree of urgency.

Furthermore, the policymaker emphasized that they are not ruling out any options for responding to excessive FX volatility and are in close communication with foreign currency authorities overseas.

Japan’s National Consumer Price Index (YoY) for August grew to 3.2% slightly lower than the previous rate of 3.3%. While National CPI ex-Fresh Food (YoY) remained consistent at 3.1% against the expected 3.0%.

On the European Central Bank (ECB) front, Chief Economist Phillip Lane stated early on Friday that "inflation over 2% is costly for the economy." Lane emphasized that central banks aim to achieve inflation targets in the medium term and refrained from speculating on future ECB policy decisions. The policymaker also pointed out that the most effective way to tighten monetary policy is through adjustments to interest rates.

Investors will also likely observe preliminary HCOB PMIs from the Eurozone for September, seeking more valuable insights into the bloc’s economic activities.

EUR/JPY: additional important levels

Overview
Today last price 157.64
Today Daily Change 0.25
Today Daily Change % 0.16
Today daily open 157.39
 
Trends
Daily SMA20 158.04
Daily SMA50 157.46
Daily SMA100 154.83
Daily SMA200 149
 
Levels
Previous Daily High 158.14
Previous Daily Low 157.04
Previous Weekly High 158.66
Previous Weekly Low 156.58
Previous Monthly High 159.76
Previous Monthly Low 155.53
Daily Fibonacci 38.2% 157.46
Daily Fibonacci 61.8% 157.72
Daily Pivot Point S1 156.9
Daily Pivot Point S2 156.41
Daily Pivot Point S3 155.79
Daily Pivot Point R1 158.01
Daily Pivot Point R2 158.63
Daily Pivot Point R3 159.11

 

 

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