Friday, October 30, 2015

EUR/JPY retreats from highs, back below 133.00

FXStreet (Edinburgh) - The Japanese yen is now reclaiming some of the ground lost earlier, dragging EUR/JPY to levels below the 133.00 handle.

EUR/JPY lower on BoJ

The safe haven JPY has gathered further ground after the Bank of Japan has left intact its monetary policy today. In addition, the central bank has revised lower its forecasts for inflation and economic growth, as widely expected.

Regarding the inflation target, the BoJ now expects to reach the 2% goal in H2 FY2016, while it has argued that lower energy prices are to be blamed for the lack of reaction in consumer prices.

EUR/JPY significant levels

The cross is now losing 0.02% at 132.93 and a breach of 132.18 (monthly low Sep.8) would expose 131.79 (61.8% Fibo of 126.05-141.07) and finally 130.12 (low Jan.26). On the upside, the initial barrier lies at 133.56 (50% Fibo of 126.05-141.07) followed by 134.49 (200-day ma) and then 135.00 (psychological level).
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