EUR/JPY advances toward 133.50 post- BOJ decision

EUR/JPY trades cautiously in the Asian session.
The Euro gains on the higher inflation data.
Yen remains a non-performer on the submissive economic outlook

Rekha Chauhan Independent Analyst

EUR/JPY accumulates minor gains on Friday in the Asian trading hours. The pair fell sharply from the high of 132.90 in the previous session to close near 131.20.

At the time of writing, EUR/JPY trades at 131.39, up 0.15% for the day.

The Eurozone Consumer Price Inflation rate climbed 2.0% in May from 1.6% in April. The reading is the highest since October 2018 and surpassed the central bank’s target. The Construction Output jumped 42.3% in April.

Meanwhile, ECB Chief Economist Philp Lane ruled out the possibility of taper talks in the September meeting. The comments emphasize the central bank’s cautious approach to monetary policy as there are still uncertainties lingering on the Eurozone’s economic outlook.

The shared currency gains were limited following the remarks from the key policymaker.

On the other hand, the Japanese yen posted some minor gains after the government decided to lift the COVID-19 restrictions in Tokyo and eight other provinces. The economy struggles to recover from the pandemic due to the slower vaccine rollout, despite the massive stimulus from the policymakers.

The Bank of Japan (BOJ) as widely expected kept its interest unchanged at -0.1% and maintained the target for the 10-year Japanese government bond yield at around 0%. The yen slid against the majors as an immediate reaction to the decision.

EUR/JPY additional levels

EUR/JPY

Overview
Today last price	131.4
Today Daily Change	0.17
Today Daily Change %	0.13
Today daily open	131.23

Trends
Daily SMA20	133.25
Daily SMA50	132.12
Daily SMA100	130.39
Daily SMA200	127.61

Levels
Previous Daily High	132.88
Previous Daily Low	131.02
Previous Weekly High	133.76
Previous Weekly Low	132.66
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	131.73
Daily Fibonacci 61.8%	132.17
Daily Pivot Point S1	130.54
Daily Pivot Point S2	129.86
Daily Pivot Point S3	128.69
Daily Pivot Point R1	132.4
Daily Pivot Point R2	133.56
Daily Pivot Point R3	134.25

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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