EUR/JPY: all about the BoJ now Fed is out the way - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair recovered some ground this Wednesday, but remained below Tuesday's opening, having shown little reaction to FED's decision, as both currencies reacted in tandem to dollar's movements.

Key Quotes:

"The Bank of Japan is having its economic policy meeting during the upcoming hours, largely expected to remain on hold. If that's the case, the Japanese yen can surge across the board, and see the pair plummeting, below the multi-year low posted this week at 118.50. Short term, the 1 hour chart shows that the price remains below a strongly bearish 100 SMA, currently around 119.75, whilst the technical indicators have lost upward strength, but remain within positive territory.

In the 4 hours chart, the technical indicators retreated from their mid-lines, heading modestly lower within negative territory, whilst the price remains far below a bearish 100 SMA, all of which supports additional declines  after the dust settles."