Where is EUR/JPY Heading? This is what traders need to know

<p>&nbsp;The chart of the EUR/JPY currency pair this week is seen to have already fallen to the 157.00 level but did not continue to decline to a lower level.</p><p><br /></p><p>Prices bounced back and leveled below the 158.00 zone towards the end of the week as the market cautiously awaited the 3-day Jackson Hole symposium event starting today.</p><p><br /></p><p>In addition to Federal Reserve (Fed) Chairman Jerome Powell, European investors await a statement from European Central Bank (ECB) President Christine Lagarde on Saturday for the latest indication of monetary policy.</p><p><br /></p><p>If previously Lagarde made it clear that the central bank would continue policy tightening, the market began to speculate that the ECB would temporarily halt interest rate hikes at the September meeting.</p><p><br /></p><p>The Euro currency will be driven by the indication from Lagarde while the Japanese Yen is expected to remain weak with the expectation that the central bank of Japan (BOJ) will remain with a loose monetary policy.</p><p><br /></p><p>On Friday, the price was seen hovering around 157,500 while still not giving a clear direction for further movement.</p><p><br /></p><p><br /></p><p>If the price declines to make a decline, the 157.00 level will be tested again which now serves as a support zone for the price.</p><p><br /></p><p>A lower break will see the price go down to around 156.00 which will be the latest support for the price.</p><p><br /></p><p>On the other hand, if the price increases again, the resistance zone at 159.500 will be reached again and tested.</p><p><br /></p><p>Crossing the zone will break the price's latest high since 2008 and it is possible that the price could reach the level of 160.00.</p>