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4 Apr 2013
Forex: EUR/JPY holding above 119 ahead of BoJ
FXstreet.com (Barcelona) - EUR/JPY is last at 119.53, off recent double weekly lows at 119.10, printed in late NY trade and Tuesday's London session, down from daily highs at 120.15. The cross slows down the correction lower from March highs at 126, as it approaches the clear bid line around the 119 handle, proven support once it broke the area higher by early January.
Today's BoJ meeting and following governor Kuroda's press conference at 06:30 GMT will add plenty of volatility to the market, with Chinese on holidays, as the bar for monetary policy actions has been risen very high. BoJ is expected to buy longer term gov bonds, among other measures, reported DowJones. BoJ statement could be out anytime starting from 02:30 GMT on.
Immediate support to the downside for EUR/JPY lies at mentioned double lows 119.10, followed by Feb 25 lows at 118.60, and Jan 23 lows at 116.90. To the upside, closest resistance shows at March 28 lows 119.70, followed by yesterday's highs 120.17, and Monday's weekly highs at 120.90.
Today's BoJ meeting and following governor Kuroda's press conference at 06:30 GMT will add plenty of volatility to the market, with Chinese on holidays, as the bar for monetary policy actions has been risen very high. BoJ is expected to buy longer term gov bonds, among other measures, reported DowJones. BoJ statement could be out anytime starting from 02:30 GMT on.
Immediate support to the downside for EUR/JPY lies at mentioned double lows 119.10, followed by Feb 25 lows at 118.60, and Jan 23 lows at 116.90. To the upside, closest resistance shows at March 28 lows 119.70, followed by yesterday's highs 120.17, and Monday's weekly highs at 120.90.