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EUR/JPY: downside favored - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/JPY closed the day in the red, as the Japanese Yen got an early boost from BOJ's decision to leave rates on-hold.

Key Quotes:

"Bank of Japan governor Kuroda offered a pretty hawkish speech, reporting that the economy has continued to recover moderately, despite the slowdown in emerging markets."

"He also said that they expect that inflation will reach its 2% target in the second half of the 2016 fiscal year."

"The EUR/JPY pair recovered from a daily low of 132.21 and reached 133.38 before reversing. Daily basis, selling interest continued to surge around the base of the symmetrical triangle, broken last week, while the technical indicators have resumed their declines well into negative territory after correcting oversold readings, all of which continues to favor the downside."

"In the 4 hours chart, the price stands below its moving averages, whilst the technical indicators head slightly lower below their mid-lines, in line with the longer term view."

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