The rise of EUR/JPY from the support area has me looking at potential resistance levels ahead of the European Central Bank (ECB) policy decision! Earlier this week, the Japanese yen got a boost from talks that the Bank of Japan may discuss slowing its bond purchases as early as next week. It may also have helped the safe haven that weaker-than-expected US and French manufacturing PMI releases have markets worried about global growth and the impact of a “higher for longer” interest rate environment even as the ECB and Fed stimulate markets. Interest rates are expected to be lowered in the next few months. Fortunately for other safe haven currencies, the yen also reversed its gains during the week.
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