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EUR/JPY bulls need a close on 147.30 - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted and explained how the Japanese yen advanced against most rivals following the release of BOJ Minutes.

Key Quotes:

“Policymakers had expressed there their concerns over the cost of QE, while in his speech Gov Kuroda said the fast depreciation of the local currency can hurt households and small firms, putting a halt in yen slides, at least for now”.

“JPY crosses had traded below Monday highs with the EUR/JPY crosses falling down to 146.29 before bouncing in the US session”.

“Technically, the 1 hour chart shows price now capped by its 100 SMA around 147.20 but above 200 one at 146.30 intraday support, as indicators hold in positive territory but showing no directional strength at the time being”.

“In the 4 hours chart however, the technical outlook is more constructive with indicators aiming higher above their midlines”.

“Price needs to extend above recent intraday highs around 147.30 to be able to extend its recovery, up to 148.10/20 price zone”.

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