EURJPY rises to 15-year high

The EURJPY cross rose to new 15-year high on Friday, extending a steep upleg from 148.60 higher base into sixth straight day, and also on track for the biggest weekly gain since the second week of July 2016.

Bullish stance remains fueled by widening gap between policies of the ECB and BOJ, as the European Central Bank raised interest rates by 25 basis points on Thursday and signaled more hikes in the near future, while the Bank of Japan kept its ultra-loose monetary policy.

Bullish technical studies on daily and weekly chart support the action, though a pause in the latest acceleration should be anticipated on strongly overbought conditions.

Broken Fibo resistance at 152.04 (76.4% of 2008/2012 169.95/94.10 fall) and broken psychological 150 barrier, reverted to solid supports which should protect the downside and keep larger bulls intact for further advance.

Res: 154.71; 155.20; 156.81; 159.41
Sup: 153.09; 154.04; 151.61; 150.00