Chart - Courtesy Trading View
EUR/JPY was trading 0.36% higher on the day at 142.50 at around 10:25 GMT.
The pair has paused 4-day bullish streak, finds stiff resistance at 142.90 (converged 21-EMA and cloud base).
Bank of Japan policy makers advocated a dovish policy continuation through the summary of opinions of the previous week’s meeting, denting the yen.
BOJ’s summary of opinions indicated that Japanese economy is showing signs of wage rises, a positive economic cycle but it is appropriate to maintain an easy policy.
Technical indicators are turning bullish. Stochs show bullish rollover from near oversold levels, RSI is biased higher.
Price action is extending sideways above 200H MA. MACD is on verge of bullish crossover on signal line.
Support levels - 141.34 (5-DMA), 140.34 (200-DMA)
Resistance levels - 142.87 (21-EMA), 143.34 (55-EMA)
Summary: EUR/JPY pivotal at 21-EMA and daily cloud base. Watch out for decisive break above for further upside.
