The EUR/JPY pair has been rising for the fourth straight day, marking the fifth day of gains in the past six sessions. Today, Wednesday, the pair reached a new high not seen since August 1992. At the moment, spot prices are exceeding the psychological level of 179.00 and appear poised for further growth.

The Japanese yen continues to weaken amid uncertainty regarding the Bank of Japan's future policy steps, which supports the strengthening of the EUR/JPY pair. The Bank of Japan is in no hurry to raise interest rates, as Prime Minister Sanae Takaichi adheres to a pro-stimulus policy.

The development of a new economic stimulus package in Japan is expected to be completed by November 21. According to the draft plan, the Bank of Japan will focus on promoting strong economic growth and stable prices — consistent with Takaichi's intention to maintain low interest rates to support economic recovery. These factors, along with reduced demand for safe-haven assets, are putting pressure on the yen.

At the same time, the euro is strengthening on expectations that the European Central Bank has completed its cycle of rate cuts. Martin Kocher, a member of the ECB Governing Council and head of the Austrian National Bank, said on Tuesday that the current policy remains appropriate and no significant changes are expected in the coming months.

These factors are creating a short-term positive sentiment in the market and suggest that the path of least resistance for the EUR/JPY pair is upward. From a technical perspective, the previous session's close above the horizontal resistance level of 178.30 confirms the likelihood of further growth, a break above 179.00, and a move toward the key psychological level of 180.00. In addition, oscillators on the daily chart remain positive and have not yet entered the overbought zone.

Below is a table showing the percentage changes in the Japanese yen's exchange rate against major currencies at the current moment. The yen's greatest strength has been observed against the British pound.