EUR/JPY seesaws near 125.00 as BOJ held monetary policy unchanged, trimmed forecasts

• The BOJ held its monetary policy unchanged while trimming growth and inflation forecasts.
• All eyes on a speech from BoJ’s Kuroda for now.

EUR/JPY trades near 125.00 during early Thursday when the Bank of Japan (BOJ) announced its monetary policy decision.

The Japanese central bank left its monetary measures unchanged but took a step back to trim core consumer price index (CPI) and gross domestic product (GDP) forecasts.

Poor German IFO data dragged the German Bunds beneath 0.0% and triggered across the board selling of the Euro (EUR).

Japanese Yen (JPY) remained on the upside due to its safe-haven appeal when risk-tone was a bit heavier.

Global risk barometer 10-year treasury yields from the US dropped nearly 5 basis points to 2.52% where it presently is.

With the BOJ rate statement and quarterly report already out, investors may await comments from the Governor Haruhiko Kuroda for fresh clues.  

In a case of the Eurozone economic calendar, there prevails a lack of data for today but recent pessimism emanating from regional statistics and political plays before Spanish election continue to haunt the EUR against majority its counterparts.

EUR/JPY Technical Analysis

Having slipped beneath 100-day and 50-day SMA, the quote continues to remain weak unless clearing 125.60/65 area for one more time. As a result, a downside a break of 124.80 can recall 124.40 while an upward sloping trend-line since January 04 can challenge sellers around 124.00 then after.

Should there be an uptick in prices beyond 50-day and 100-day simple moving average (SMA), 126.10 and an immediate descending trend-line at 126.80 could please buyers.