EUR/JPY Falls on BoJ Rate Hike Rumors, Eyes Key Technical Levels

George Solotarov
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EUR/JPY Falls on BoJ Rate Hike Rumors, Eyes Key Technical Levels

EUR/JPY declines for a second day as rumors of the Bank of Japan (BoJ) ending negative interest rates boost the Japanese Yen (JPY). The pair currently trades at 160.86.

Technical Outlook:

Bearish Bias: A daily close below the Kijun-Sen (161.31) could signal further downside towards 160.00, Senkou Span B (159.39), and the Ichimoku Cloud (159.00/15).

Bullish Potential: Reclaiming the Kijun-Sen and breaking above 161.00 could trigger a rebound towards 162.00 and the March 7 high (162.81).

Key Factors:

BoJ Rate Hike Rumors: Market speculation of a policy shift fuels JPY strength.
Technical Levels: The Kijun-Sen (161.31) acts as a crucial pivot point.

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