30 Apr 2015
EUR/JPY loses 132 handle on BOJ non-event
FXStreet (Mumbai) - EUR/JPY dived deeper in to red in the mid-Asian session, largely on the back of renewed yen strength after Bank of Japan (BOJ) decided to leave its monetary policy settings unadjusted as the bank struggle to drive inflation towards its long-held 2% target.
EUR/JPY back below 132
Currently, the EUR/JPY cross traded lower by -0.51% at fresh session lows of 131.75 levels, witnessing a sharp drop from 132.14 levels. The cross in EUR/JPY slipped further in to losses after BOJ steady policy stance today strengthened the yen across the board, squashing market expectations of further easing measures by BOJ to boost demand and hence to ignite inflationary pressures in Japan.
Moreover, weaker shared currency versus the US dollar mainly driven the rebound in the greenback post FOMC decision also keeps the cross undermined. Meanwhile, BOJ Press conference will be closely watched for further impact on the cross.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 132 and above which it could extend gains to at 132.36 levels. To the downside immediate support might be located at 131 levels below that at 130.85 levels.
EUR/JPY back below 132
Currently, the EUR/JPY cross traded lower by -0.51% at fresh session lows of 131.75 levels, witnessing a sharp drop from 132.14 levels. The cross in EUR/JPY slipped further in to losses after BOJ steady policy stance today strengthened the yen across the board, squashing market expectations of further easing measures by BOJ to boost demand and hence to ignite inflationary pressures in Japan.
Moreover, weaker shared currency versus the US dollar mainly driven the rebound in the greenback post FOMC decision also keeps the cross undermined. Meanwhile, BOJ Press conference will be closely watched for further impact on the cross.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 132 and above which it could extend gains to at 132.36 levels. To the downside immediate support might be located at 131 levels below that at 130.85 levels.