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Forex: EURJPY advances for 6th day in a row, prints new highs above 131.00

FXstreet.com (Barcelona) - The EURJPY continued its advance during the New York session closing up 40 pips at 130.79. Late in the session the pair briefly printed new highs of 131.12 before sliding slightly lower the last few hours of the day. Economic news out of Japan will be in focus, with the Tertiary industry Index being released at 23:50 GMT. Furthermore, Bank of Japan Governor Kuroda will be giving a speech about “Monetary Policies in Tokyo” at 3:10GMT. Kuroda’s comments could influence the pair later in the session, and it will be important to see if he deviates from previous statements made earlier this week

As Eamonn Sheridan of Forex Live noted earlier: The Wall Street Journal carried an article overnight with BOJ governor Kuroda saying "the central bank's ambitious inflation target is flexible”, and “The BOJ will not necessarily stick to that target mechanically." This is a softening of rhetoric from Kuroda - it may be he has an eye on the next week's G20 finance ministers and central bank governors meeting in Washington (April 18-19) and wants to limit potential criticism of Japan's policy and its impact of the yen exchange rate there.

The FXStreet.com Trend Index remains slightly bullish on the 4 hour time frame, with the OB/OS displaying Overbought Status. Initial support comes in at 130.50 (previous resistance, now support on 30min chart), followed by 129.80 (lower end of consolidation base on 30min chart). First resistance remains at 131.13 (intra-day high on April 11th, followed by 131.50 (daily pivot high).

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