- EUR/JPY down, Yen climbing on Kuroda renomination.
- Testing lower bound of recent consolidation.
EUR/JPY is down in Tokyo trading, and is testing 132.60 as of writing.
The Yen is resuming its climb up the charts following the news that Bank of Japan Governor Haruhiko Kuroda has been nominated for a second term at the central bank. The cruel irony of the Yen gaining on Kuroda's renomination stems from Kuroda's almost daily battle with market participants trying to talk down the Yen. Kuroda and other representative from the BoJ have spent a lot of time making public appearances lately, desperate to sooth-talk the rising Yen with repititious speaking points regarding the BoJ's determined stance on easy monetary policy and keeping interest rates low until economic growth picks up to a brisker pace in Japan. With the Yen sitting atop the global currency pile as the safe haven of choice, rhetoric has a muted effect, evidenced by the market's willing ness to repeatedly pile into the Japanese currency at a moment's notice.
EUR/JPY Technicals
The pair continues to trade within the volatility range set in Thursday's session, with EUR/JPY still trading within the high/low at 133.28 and 132.51. A break to either side of the range will face support or resistance at 131.82 and 133.80 respectively, while Daily candles show the pair still sliding backwards into the 200-day SMA currently sitting at 130.88.
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