EUR/JPY Price Forecast: Holds steady with bullish momentum, resistance above 185.00 eyed

💡 DMK Insight

The EUR/JPY is hovering around 183.80, and here’s why that matters: the BoJ’s hints at future rate hikes could shift market sentiment. With several board members pushing for a tightening path, traders should keep an eye on how this influences the yen’s strength against the euro. If the BoJ follows through on these rate hikes, we could see the EUR/JPY dip below key support levels, potentially triggering stop-loss orders for long positions. Conversely, if the eurozone’s economic indicators remain strong, it could bolster the euro, leading to a tug-of-war in this cross. Watch for any economic data releases from the eurozone that could impact this dynamic. The real story is that while the BoJ’s stance suggests a bullish outlook for the yen, the euro’s resilience could create volatility. Traders should monitor the 183.50 support level closely; a break below could signal a deeper correction, while a bounce could indicate a buying opportunity for the euro against the yen.