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17 Jul 2013
EUR/JPY lacking conviction through 130.80/90 offers
FXstreet.com (Barcelona) - EUR/JPY is exchanging hands at 130.40, after having spent the last 24 hours pressing against the upper end of its daily range, with 130.80/90 still seen as the breakout point to resolve.
BoJ Minutes next
At 23.50 GMT, the Bank of Japan will publish the minutes from the 10-11 June monetary policy meeting. At the time, BoJ Chief Mr. Kuroda held off on new measures despite the volatility in the local bond market. Ever since, the spikes in bonds have diminished and the economic outlook has been upgraded, thus the minutes may carry limited relevance today.
EUR/JPY technical outlook
According to Fan Yang, Currency Analyst at FXTimes, "So far price action shows respect of 130 as support after breaking above, which coincides with confirming a breakout at least toward the 131 – 131.30 pivot area. The 130 level might become future support especially if it is tested along with the rising channel support. With this rising channel intact, and if the market pushes through 131.30, the bullish outlook exposes EUR/JPY up the 133.80, 2013-high."
BoJ Minutes next
At 23.50 GMT, the Bank of Japan will publish the minutes from the 10-11 June monetary policy meeting. At the time, BoJ Chief Mr. Kuroda held off on new measures despite the volatility in the local bond market. Ever since, the spikes in bonds have diminished and the economic outlook has been upgraded, thus the minutes may carry limited relevance today.
EUR/JPY technical outlook
According to Fan Yang, Currency Analyst at FXTimes, "So far price action shows respect of 130 as support after breaking above, which coincides with confirming a breakout at least toward the 131 – 131.30 pivot area. The 130 level might become future support especially if it is tested along with the rising channel support. With this rising channel intact, and if the market pushes through 131.30, the bullish outlook exposes EUR/JPY up the 133.80, 2013-high."