GBP/JPY & EUR/JPY Trading Levels – BOJ Wakatabe Weakens Yen

The Japanese Yen remained in heavy demand over the past few weeks because of ongoing tensions between China and the US...

Written by: Arslan Butt • Tuesday, April 17, 2018 • 1 min read

• Last updated: Tuesday, April 17, 2018

The Japanese Yen remained in heavy demand over the past few weeks because of ongoing tensions between China and the US. Later, the issue of Syria came in to fuel this demand. As we know, the BOJ doesn’t like a stronger Yen, as it hurts Japanese exporters. So, anytime we see it growing stronger, we can expect an intervention by BOJ officials.

Having said this, the BOJ’s deputy governor Masazumi Wakatabe dented the Yen by signaling that the ultra-easy policy needs to tighten inflation.

Both of the Japanese crosses, GBP/JPY and EUR/JPY, are trading bullish due to a strengthening Sterling and Euro, while the recent weakness in Yen is supporting the bullishness. Let’s take a look at weekly support and resistance lines for these pairs.

EUR/JPY – Major Trading Levels

Support Resistance

131.44 132.84

131.02 133.26

130.32 133.96

Key Trading Level: 132.14

GBP/JPY – Major Trading Levels

Support Resistance

151.12 153.7

150.31 154.51

149.02 155.8

Key Trading Level: 152.41

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.