The cross has been behaving like EUR/USD. We can observe the same patter. Today and tomorrow are the big days for JPY, as the BoJ monetary policy statement and press conference are due for release. Ahead of the major events, JPY is trading lower against the euro. The cross has been moving higher for 3 consecutive days. Weekly resistance is seen at 131.67 and 132.30 50Dsma. Today, we are not expecting QQE expansion in the BoJ monetary policy. In case the news was hits, the wires inline the cross can touch 130.00 and 129.85. In case QQE was expanded more, JPY is likely to weaken further towards 131.50 and 131.85.
Intraday support is found at 130.40 and weekly – at 129.85. Intraday resistance is seen at 131.10 and weekly – at 131.85. In case the price manages to close above 131.70, bulls can challenge towards 132.30 and 133.00. The intraday trend favors bears and the weekly trend favors bulls. Until the pair closes above 128.40, bulls can try to breach the resistance zone towards 133.00. Weekly trading is framed between 131.85 and 128.40. We recommend buying above 131.10, safe buying above 131.30 with targets at 132.00, 132.25, and 132.95. On the down side, we recommend selling below 129.80 with targets at 129.10, 128.85, 128.60, 128.40, and 127.85. The real panic will be triggered below 128.40 only. In case the price closes below 128.40 fresh new lows are likely to be made at 125.20. The medium and longer picture still favors bears.
Trade: Buying above 131.10, safe buying above 131.30
Selling below 129.80
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