- Sell-off in Yen post BoJ meeting proved to be short-lived, EUR/JPY spiked to 133.77 levels, but the spike was quickly sold off.
- BOJ earlier today kept monetary policy steady as expected. It pledged to increase monetary base at annual pace of 80 trln yen and increase purchases of ETFS.
- Techs for the pair point south,falling wedge formation on daily charts, with strong resistance by wedge top around 133.80.
- Price action falied at wedge top multiple times, pair unable to break above, daily cloud also weighing on the upside.
Resistance Levels:
R1: 133.26 (Daily Cloud Base)
R2: 133.37 (Dec 17 high)
R3: 133.78 (Daily Highs Dec 11, 16)
Support Levels:
S1: 132.23 (Sept 4 lows)
S2: 132.13 (Kijun, 50% 129.67-134.58)
S3: 132.05 (30-Day MA)
S4: 131.55 (61.8% Fibo 129.67-134.58)


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