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EUR/JPY, USD/JPY rally as BoJ keeps rates on hold while AUD/USD struggles

​​​EUR/JPY, USD/JPY rally as BoJ keeps rates on hold and cuts outlook while AUD/USD struggles at technical resistance.

Forex Source: Bloomberg

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

​​​EUR/JPY rallies as BoE keeps rates on hold 

​EUR/JPY rallies towards its ¥163.27 mid-April high which may act as minor resistance ahead of last week's high ¥163.75 high. 

​Minor support below Wednesday's ¥161.71 low can be seen along the 200-day simple moving average (SMA) at ¥161.31. Together with the 2 April low at ¥160.99 it is expected to act as support, were it to be revisited.   

​Only a rise above last week's high at ¥163.75 would engage the major December-to-April resistance zone at ¥164.08-to-¥164.90.

​EUR/JPY daily chart

EUR/JPY chart Source: TradingView

​USD/JPY rallies as BoE cuts outlook 

USD/JPY is trading in two-week highs whilst approaching the 4 April low at ¥144.55 which may act as resistance.

Minor support below the 25 April high at ¥144.03 and the 23 April high at ¥143.57 can be spotted at this week's ¥141.97 low.  

USD/JPY daily chart

USD/JPY chart Source: TradingView

​AUD/USD still capped by resistance 

​AUD/USD remains capped by its February-to-April highs at $0.6388-to-$0.6439, above which the 200-day SMA can be seen at $0.6457. It may short-term cap if reached, though. 

Below minor support at Wednesday's $0.6356 low and the previous week's $0.6344 low meanders the 55-day SMA at $0.6304.

AUD/USD daily chart

AUD/USD chart Source: TradingView

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