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2025-10-30 15:00:00
[EUR/JPY surged above 177.50 after the Bank of Japan's interest rate decision; market focus on ECB policy moves] ⑴ After two consecutive days of decline, EUR/JPY regained its upward momentum, reaching a record high of 178.40 on Thursday (October 30th). It is currently trading around 178.20, up approximately 0.59%. ⑵ The Bank of Japan's decision to maintain its short-term interest rate target range at 0.4%-0.5% at its October policy meeting initially boosted the currency pair significantly during the Asian session; Governor Kazuo Ueda's statement that "there are no preconceived notions about the timing of the next rate hike" put further pressure on the yen. ⑶ The 14-day relative index on the daily chart is above the midline, indicating a short-term bullish bias. (4) On the upside, 178.50 is expected to be a short-term support level. A decisive break above this level would further strengthen the short-term bullish bias, pushing the exchange rate towards the key psychological level of 180.00. If it breaks and holds above 180, the next resistance level is expected to be around 181.00, near the top of the upward channel. (5) The market is closely watching a series of key economic data: German and Eurozone unemployment rates and GDP data are about to be released, followed by the European Central Bank's interest rate decision. The market widely expects the ECB to keep interest rates unchanged for the third consecutive time at its October meeting, and that policy may not be adjusted throughout 2025. Despite the economy showing resilience and inflation trending towards moderation, policymakers remain cautious.
