EURJPY hit new record high following 1.1% advance in post BoJ rate decision trading.
Japanese yen weakened across the board after the Bank of Japan raised interest rates by 25 basis points to 0.75% (the highest in three decades) and left the door opened for further tightening.
The pair is in steep ascend in past 10 months, which is the part of larger uptrend since mid-2020, with today’s move, marking the biggest daily gain since Apr 7.
Fresh move into uncharted territory eyes targets at 185.00 (round figure) and 185.93 (Fibo 150% projection of the rally from 154.40), though shallow correction should be anticipated as daily RSI is approaching overbought territory.
Dips should ideally find firm ground above 183.00 support zone, to mark positioning for fresh push higher.
Only break and close below 182.00 zone (today’s low / rising 10DMA) would sideline bulls.
Res: 185.00; 185.93; 187.00; 188.41
Sup: 184.00; 183.15; 182.20; 181.70
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