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The price of EURJPY daily range reached 500 pips today after the BoJ intervened buying the JPY. Could this signal further JPY strength to come?

Watch the video to learn more…

EURJPY Analysis

The JPY has strengthened today after the Bank of Japan confirmed they intervened buying the JPY. This was the first time this has happened since 1998. The USDJPY and EURJPY daily range reached over 500 pips. This combined with the risk off sentiment in the market provided by latest Russia comments regarding nuclear options. Risk is the topic of the market currently which shows little in the way of change and will likely remain. 

The USDJPY price traded through the 145.00 highs before turning and falling over 500 pips. If the price were to break 140.00 we could expect further downside. The FOMC recently hiked interest rates and has been a little less aggressive in talks on hiking further than expected which could see some short term signs of USD weakness. 

EURJPY

The EURJPY traded through the previous highs of 144.00 with mild success. The sellers pushed the price back below this key high. After the announcement the price fell back to minor trendline support and previous highs around 139.00. Going to the 4hr time frame the price has formed new lows. This could be used as resistance if the price was to test the lows again at 141.61. 

Did you see our GOLD Analysis? You can see it here.

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