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2025-10-30 15:02:50
[EUR/JPY surges to 178.40 after Bank of Japan Governor Kazuo Ueda's speech] ⑴ After two consecutive days of decline, EUR/JPY regained its upward momentum, reaching a record high of 178.40 on Thursday (October 30). It is currently trading around 178.25, up approximately 0.62%. ⑵ The Bank of Japan's decision at its October policy meeting to maintain its short-term interest rate target range at 0.4%-0.5% initially boosted the currency pair significantly during the Asian session; Governor 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. ⑷ 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 around 181.00, near the top of the upward channel. (5) Markets are closely watching a series of key economic data releases: German and Eurozone unemployment rates and GDP figures 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 remain unchanged throughout 2025. Despite the economy showing resilience and inflation trending towards moderation, policymakers remain cautious.
