EUR/JPY was rejected at 133 handle, and has resumed its downside momentum to currently trade at 132.76
- The pair hit session lows at 132.26 post-BOJ policy, staged a remarkable recovery to 133.21 before resuming slide
- The Japanese currency experienced wild swings on both sides after BOJ's policy meeting was uneventful, with the C.bank staying pat
- However, further downside in EUR/JPY remains cushioned as expectations for BoJ to downgrade the assessment of Japan's CPI and GDP forecasts may keep JPY gains restricted
Recommendation: Good to buy EUR/JPY dips around 132.50, SL: 131, TP: 133.20
Resistance Levels:
R1: 133.20 (Trendline resistance)
R2: 133.90 (Double top Oct 26th, 27th)
R3: 133.98 (Daily Tenkan)
Support Levels:
S1: 132.48 (4h Tenkan)
S2: 132.21 (session lows)
S3: 132 (psychological level)
