EUR/JPY pushing back up in Tokyo trading

Joshua Gibson FXStreet

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.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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