FXStreet (Mumbai) – EUR/JPY turned in the negative territory at Tokyo open, largely as the yen bulls took over the drivers’ seat post the release of Bank of Japan’s (BOJ) June 19 monetary policy meeting minutes which offered no new surprises while a slightly better bid European currency keeps the cross buoyed.
EUR/JPY supported at 138
Currently, the EUR/JPY pair trades almost unchanged at 139.36, slightly offered on BOJ minutes. The cross in EUR/JPY sits near weekly lows and retraced below 138.50 levels after BOJ minutes reiterated that the central bank’s QQE was having its intended effects and would continue as long as 2% price target was achieved. The bank also showed willingness to adjust policy if needed.
A slightly optimistic tone on the Japanese economy as reflected by the minutes also pushed the yen slightly higher across the board.
On the EUR-side, the EUR/USD pair remains supported which lends a helping hand to EUR/JPY in limiting moves to the downside.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 139 levels and above which it could extend gains 139.35 (June 15 High) levels. To the downside immediate support might be located at 138 (June 15 Low) below that at 137.50 levels.
(Market News Provided by FXstreet)