- The Yen is being offered on dovish BOJ minutes and Kuroda.
The offered tone around the Japanese Yen strengthened in Asia, pushing the EUR/JPY to a session high of 133.12 on evidence that talk of need to do more easing is gathering steam at the BOJ.
The minutes of the latest Bank of Japan (BOJ) policy decision released earlier today showed one member feels the current policy is not enough to achieve the 2 percent inflation target. The minutes also said that the BOJ could change policy if JPY appreciation were to impact the economy.
Meanwhile, BOJ Governor Kuroda stressed the need to keep the policy accomodative in order to achieve the inflation target.
Ahead in the day, the final Eurozone/German PMI and Sentix investor confidence would now be looked upon for short-term trading impetus on the first trading day of a new week.
EUR/JPY Technical Levels
The pair was last seen trading around 133.03 levels. A move above 133.15 (Nov. 2 high) would validate the higher low pattern (Fri's low of 132.37) and shall open up upside towards 133.49 (Oct. 12 high) and 133.75 (Oct. 5 low).
On the downside, breach of support at 132.83 (1-hour 200-MA) could yield a pull back to 132.54 (1-hour 100-MA) and 132.37 (Fri's low).
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