EUR/JPY: bullish bias ahead of BoJ - FXStreet
|Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen strengthened post-FED, helped also by a sharp decline in the Nikkei overnight, and weak US data released at the beginning of the American session.
Key Quotes:
"The EUR/JPY pair fell down to 115.80, but recovered ground as Wall Street moved off its daily lows, pushing the yen lower."
"Ahead of Japanese inflation figures and the BOJ's decision, the pair presents a moderate positive tone in the short term, as in the 1 hour chart, the technical indicators have bounced from their mid-lines, and maintain bullish slopes within positive territory while the price held above its 100 SMA and is currently aiming to break above the 200 SMA."
"In the 4 hours chart technical readings also present a bullish bias, although the price needs to recover above 117.20, the 61.8% retracement of the post-Brexit slump, to be able to extend its recovery this Friday."
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