The EUR/JPY pair is currently trapped in an ascending triangle, as seen in the 4-hour chart. As of writing, the JPY cross is trading at 124.62.
The Bank of Japan (BOJ) kept key policy tools unchanged and slashed inflation and growth forecasts as expected, reinforcing the consensus that the central bank has little room to scale back the unprecedented monetary stimulus.
Hence, EUR/JPY could attempt a triangle breakout with a convincing move above 124.93. That would signal a continuation of the rally from the recent lows near 121.00.
The potential post-breakout gains, however, could be short-lived as the European Central Bank (ECB) President Draghi is expected to sound dovish, given the recent slowdown in the Eurozone and especially Germany and subdued inflation.
4-hour chart
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Trend: neutral
EUR/JPY
Overview:
Today Last Price: 124.75
Today Daily change: 0.54 pips
Today Daily change %: 0.43%
Today Daily Open: 124.21
Trends:
Daily SMA20: 124.73
Daily SMA50: 126.84
Daily SMA100: 128.36
Daily SMA200: 128.92
Levels:
Previous Daily High: 124.74
Previous Daily Low: 124.04
Previous Weekly High: 124.98
Previous Weekly Low: 123.39
Previous Monthly High: 129.3
Previous Monthly Low: 125.36
Daily Fibonacci 38.2%: 124.31
Daily Fibonacci 61.8%: 124.47
Daily Pivot Point S1: 123.92
Daily Pivot Point S2: 123.62
Daily Pivot Point S3: 123.21
Daily Pivot Point R1: 124.63
Daily Pivot Point R2: 125.04
Daily Pivot Point R3: 125.34
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