FXStreet reported EUR/JPY near ¥177.70 at 11:41 p.m. ET on Oct. 20 (03:41 UTC on Oct. 21), close to a ¥177.54 nine-day exponential moving average ahead of the Bank of Japan’s Oct. 29-30 meeting.
In analysis published under Akhtar Faruqui’s byline, FXStreet described the pair as moving within a descending channel and characterized the chart’s technical bias as bearish. The analysis put the 14-day relative strength index at 42.59, channel resistance near ¥178.70 and the 50-day exponential moving average at ¥179.84. These are levels from FXStreet’s chart analysis.
The European Central Bank’s reference rate for Oct. 20 was ¥177.34 per euro. The ECB says its reference rates are informational, not transaction prices; the Oct. 20 fixing was taken at a different time from FXStreet’s Oct. 21 market snapshot.
The Bank of Japan has scheduled its next monetary policy meeting for Oct. 29-30, Japan time. The BOJ has scheduled the release of “The Bank’s View” in its Outlook Report for Oct. 30.
At its Sept. 17-18 meeting, the BOJ issued a decision on Sept. 18 setting the overnight call-rate guideline at about 1.25%, effective Sept. 24. The bank said underlying consumer price inflation was approaching its 2% target.
The BOJ cited yen depreciation, higher crude oil prices and stronger artificial intelligence-related demand as reasons producer-price inflation remained high. It said it plans to keep raising the policy rate, with decisions on timing and pace informed by financial conditions, its outlook and risks.
