USD/JPY
The USD/JPY had fallen earlier to the 110.60 level. The daily chart shows the importance of maintaining the top of the 110.00 as it is an opportunity to complete the break to the upside or alternatively start a new bearish phase. Despite the bearish effects that Trump’s comments on tariffs had on the USD, the overall trend remains bullish as long as the pair remains above the 110.00 resistance level. The pair will continue to stabilize above the resistance level of 110.00. The bullish trend will be stronger and the next resistance levels for the pair will be on the 111.20, 112.00 and 113.45 level, respectively. On the downside, if the pair returns below 110.00, the momentum will be reduced and the pair will turn bearish. I recommend buying on bearish retracements.
EUR/JPY
The EUR/JPY bearish trend settled temporarily around the 129.40 level and the resistance level around 130.27 as the ECB announced its monetary policy amid strong expectations that the bank will keep interest rates unchanged. The pair's path this week will await the interest rate decision from the ECB. Investors continued risk appetite pushed the yen pairs higher. The EUR / JPY move will remain in a strong bullish range if the highest resistance level is at 130.00 holds. The nearest resistance levels are currently 130.85, 1311.40 and 132.00 respectively. On the downside, the nearest support levels are 130.00, 129.10 and 128.30 respectively.
