Wednesday, July 24, 2024
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FX Watch: EUR/JPY Resistance Levels Ahead of ECB Decision

by xyonent
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With EUR/JPY rising from its support zone, investors are now turning their attention to potential resistance levels ahead of the European Central Bank (ECB) policy decision. Earlier this week, the Japanese Yen strengthened on talk that the Bank of Japan (BOJ) may discuss slowing bond purchases as soon as next week. The safe haven currency may also have been boosted by weaker than expected US and French manufacturing PMI releases as markets worried about the impact of a “high” interest rate environment on global growth, despite the ECB and Fed being expected to cut interest rates in the coming months. Fortunately for other non-safe haven currencies, the Yen also retreated from its gains during the week.

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