Column: Euro/yen stepping into an unexplored high price range, and the three backgrounds of the blue ceiling = Mr. Daisaku Ueno

July 16, 2024 at 3:17 PM GMT+9 (some excerpts)

The historic rise in the euro/yen exchange rate is unstoppable. On July 11, there was a scene where it recorded the highest value of 175 yen 43 yen at one point since the currency was launched in January 1999. Since the conventional high value of the euro/yen was 169 yen 96 yen recorded in July 2008, it was shocking that the psychological milestone of 170 yen 00 yen would be a heavy ceiling from a technical point of view, but it was shocking that it easily broke through on 4/29 this year and skyrocketed to 171 yen 56 yen.
After that, it temporarily declined in response to a sharp decline in dollar/yen due to dollar sales/yen buying interventions carried out by the Ministry of Finance during Japan's major holidays, but when it stopped at the 164 yen range, it turned into a loss recovery and recorded a record high in the 175 yen range described above. Also, it plummeted due to rate check reports on the euro/yen market by the Japanese currency authorities, but the lower price was firm in the 171 yen range, and it still maintains a cruising altitude of over 170 yen.