EUR/JPY pushing back up in Tokyo trading
|
EUR/JPY is choppy in Asia, but volatility is picking up at the Tokyo market open, currently trading near 132.80.
The pair had a restrained Thursday, ending the day down about 50 pips from where it started; EUR/JPY has been stepping lower in bursts followed by retracements as the Bank of Jpana works desperately to talk down the constantly-strengthening Yen, with BoJ Governor Kuroda and a slew of other heads from the central bank making frequent appearances in Japan's parliament and in front of the media, continuously reiterating their common talking points about how far away the BoJ is from raising rates, hoping that global markets catch the hint and ease off the buy button. Kuroda is due tospeak once more in parliament today at 01:00 GMT.
EUR/JPY Technicals
Today's action in Tokyo will be bookended by yesterday's high/low at 133.27 and 132.51 respectively, while long-term traders will note that EUR/JPY is continuing to approach key support from the 200-day SMA, currently priced at 130.89. A turnaround from this region will see the pair trading into an old resistance level at 134.40 if support from 131.60 manages to hold.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.