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EUR/JPY sold off after BOJ decision; 137.00 support in sight

FXStreet (Moscow) - EUR/JPY slid towards 137.48 after having started the Asian session at 137.62; the downside is caused by JPY growth following BOJ monetary policy decision

Rangeboud for the time being

EUR/JPY managed to recover some ground on Monday, though the gains was marginal as EUR upside was countered by JPY strength. Today markets are focused on BOJ’s monetary policy decision on contradictory comments from top Japanese officials about weak JPY. The Bank left the rate and QE program unchanged – in line with expectations, which increased the upside pressure on JPY as some traders hoped for more stimulus from the central bank. Later during the day EUR/JPY is likely to continue oscillating in the recent range, limited by 137.00 on the downside and 137.76 (Asian high) on the upside.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.50, with support below at 137.21, 136.75 and 136.46, with resistance above at 137.96, 138.25, and 138.71. Hourly Moving Averages are mixed with the 200SMA bearish at 138.22 and the daily 20EMA bearish at 138.26. Hourly RSI is bearish at 49.

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