EUR/JPY Will Break 2008 Record High Again This Week?

<p>&nbsp;The price movement on the chart of the EUR/JPY currency pair started to slow down after reaching the 157.00 level which became the highest price record since 2008.</p><p><br /></p><p>The bullish price pattern was maintained until last week before being held at the level of 157.00.</p><p><br /></p><p>The Euro currency is seen to have an advantage over the Yen based on a comparison of the monetary policy of the European Central Bank (ECB) and the Bank of Japan (BOJ).</p><p><br /></p><p>The ECB which has raised interest rates at the latest meeting is more supportive of the Euro to rise against the Yen as the BOJ is seen to continue to maintain its loose monetary policy as before.</p><p><br /></p><p>Thus, the pattern of rising higher will be expected to continue on the EUR/JPY chart if there is no change in the monetary policy of the central bank other than the current market sentiment factors.</p><p><br /></p><p>Continuing trading in the Asian session connected to the European session today (Tuesday), the price slightly increased slowly touching the level of 157.00.</p><p><br /></p><p>Price movement above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/JPY chart suggests that the bullish price trend continues this week.</p><p><br /></p><p><br /></p><p>However, the price must first pass the resistance at 157.00 which has been tested since last week.</p><p><br /></p><p>If the price manages to break through that important resistance, the increase will continue with the target to go up to the level of 160.00 in addition to breaking the most recent price record.</p><p><br /></p><p>On the other hand, if the price fails to pass 157.00, the price is likely to bounce back down again testing some concentration levels of the past week such as 155.200 and 154.00 support.</p><p><br /></p><p>Next, a lower decline will continue after those levels are passed with a clearer bearish trend movement.</p>