EUR/JPY deflates from 121.50 post-BOJ

Dhwani Mehta FXStreet

The EUR/JPY pair remained little changed near 121.40 region in an immediate to the BOJ’s status-quo, although met fresh supply thereafter to now trade around 121.25 levels.

EUR/JPY: Yen a tad firmer post-BOJ

The EUR/JPY pair now advances +0.16% to 121.27, having failed to take-out 121.50 barrier. The spot stalled its recovery from a dip below 121 handle and now heads back towards the last, as the yen recovered ground somewhat, in a delayed reaction to the BOJ’s upward revision to its economic outlook. Meanwhile, the central bank made no changes to its monetary policy settings today.

On the EUR-side of the equation, an upside consolidation phase on the EUR/USD above 1.09 handle, offers limited impetus to the cross. Focus now remains on the BOJ Governor Kuroda’s press conference and the ECB monetary policy decision for next moves.

EUR/JPY: Technical Levels

Higher side: 121. 48/50 (daily tops/ psychological levels) 121.75/77 (classic R1/ Fib R1), 122 (6-week tops)

Lower side: 121 (round number), 120.54 (5-DMA), 120.31 (100-DMA)

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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