EUR/JPY is currently 125.34 with a high of 126.74 and is supported at the 200 sma on the 1hr sticks at 125.18 defending against the bears and strength of the Yen.
The Bank of Japan left things as they are although with a less bullish outlook and signaled the possibility of further easing and downgraded. Meanwhile, the euro has been sidelined and in consolidation ahead of the FOMC this week. Here is a preview of the Fed.
Moving forward, the Yen has been threatening the bulls case for the majority of the year and a break of 112 to the downside vs the greenback puts the cross in jeopardy towards 122.00.
EUR/JPY levels
EUR/JPY is supported currently by the 20 dma at 124.82 and was pressured by the 100 dma at 129.57in very early Feb, unable to correct further than the 50 dma at 122.17. There is a strong downside bias towards 122.00. The market is trading at 125.40 at time of writing while the pivot is at 126.54, targeting S3 at 124.81.
(Market News Provided by FXstreet)