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21 May 2015
EUR/JPY: Supported on USD/JPY ahead of BoJ tomorrow
FXStreet (Guatemala) - EUR/JPY is currently trading at 134.63 with a high of 134.71 and a low of 134.46.
EUR/JPY is much of the same play with a drift to the upside and away from the 134 handle's lows scored earlier this week. The euro is softer while the greenback is taking its leadership back across the board with the bullish FOMC minutes. USD/JPY has broken up on to the 121 handle and keeps the cross supported. Meanwhile, the calendar is quiet from Japan today while we await the BoJ monetary policy statement and press conference.
Markets will be looking for details around QQE while the level of skepticism in the market over the sustainability of QQE is picking up along with the debate over its side effects, as noted by analysts at Bank of America Merrill Lynch. "Accordingly, if Kuroda is to propose additional easing, he is likely to spend time in carefully forming consensus, and dovish shifts could be seen in the meeting minutes and speeches by policy board members." Technically, Intraday rallies may find tough resistance at 136.00 being the 7th May high. for the downside, 132.99 stands as the short term uptrend guarding the 126.08 April lows.
EUR/JPY is much of the same play with a drift to the upside and away from the 134 handle's lows scored earlier this week. The euro is softer while the greenback is taking its leadership back across the board with the bullish FOMC minutes. USD/JPY has broken up on to the 121 handle and keeps the cross supported. Meanwhile, the calendar is quiet from Japan today while we await the BoJ monetary policy statement and press conference.
Markets will be looking for details around QQE while the level of skepticism in the market over the sustainability of QQE is picking up along with the debate over its side effects, as noted by analysts at Bank of America Merrill Lynch. "Accordingly, if Kuroda is to propose additional easing, he is likely to spend time in carefully forming consensus, and dovish shifts could be seen in the meeting minutes and speeches by policy board members." Technically, Intraday rallies may find tough resistance at 136.00 being the 7th May high. for the downside, 132.99 stands as the short term uptrend guarding the 126.08 April lows.