EUR/JPY deflates from 121.50 post-BOJ

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)