In the environment of continuous hostilities between Ukraine and Russia and the tightening policies of the global central banks, market sentiment was low, and the euro / yen fell at the opening of the Asia Pacific trading session, in the 134.70/135.45 range on Wednesday. At the time of press release, the euro / yen was traded around 134.99.
On Wednesday, the euro / yen opened near the day's low and settled near the 50 hour moving average of 134.80. European market intervention,
The exchange rate was pushed up above the 135.00 level, but after the minutes of the Federal Reserve meeting in March, market risk aversion increased, which pressured the euro / yen to fall to the current level.
Euro / yen price analysis: Technology Outlook
After hitting a year to date high of 137.54, the euro / yen fell nearly 300 points for three consecutive days. Since then, the euro / yen has remained within the range of 134.50-135.45, without achieving an upward breakthrough and a downward breakthrough. Nevertheless, the relative strength index exited the overbought range after 60.98 on March 30, and the exchange rate fell from 136.84 to 134.60. If the euro bulls seek to push up the exchange rate, there will be enough room to rise.
On the upside, the first resistance level of euro / yen will be 135.00. If the euro / yen clearly breaks this level, it will test 135.45, then 136.00. On the other hand, the first support level of euro / yen was 134.50.
If the euro / yen falls below this level, it will test the daily low of 134.29 recorded on April 5, followed by the psychological level of 134.00.