EUR/JPY is Approaching a Key Supply Zone, Possible ShortEuro/Japanese YenFX:EURJPYdavid_asamoah2716We initially anticipated a reversal around the 173.000 supply zone. It’s important to note that the Bank of Japan is currently facing a serious issue in the bond market — there have been several sessions with no bids for Japanese government debt. This is a troubling development and likely means the central bank will step in to purchase bonds soon. That said, price closed above the 173.000 level on Friday, signaling further bullish momentum. The next key area of interest is the 175.000 level — a significant supply zone we are monitoring closely. If price reacts and pulls back from this level, we’ll be analyzing the yen across other major pairs, as well as keeping a close eye on the euro.