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EURJPY Testing 130.000 ahead of BOJ Meeting

The EURJPY pair is holding just above 130.000 at the moment with rising trend line support at 129.200 and the 128.942 level close below. This pair has been pushed lower from resistance at 132.000 after a breakout above 129.000 which sets up the possibility of a retest of this area. The BOJ is considering policy moves when it next meets and this has sent the yen higher. The EUR side of this pair has shown strength against the USD but yen strength at the moment is dominant. A continuation of selling in the pair can retest to 128.000 and the last swing low at 126.644 followed by support at the 2018 low of 124.615.Resistance for the pair is at 131.000 and if the retest of support is successful a move higher has the potential to play out. A break of 132.000 followed by the 133.500 area can see a sustained move up to 135.000. This is a crucial zone for price in the pair to regain and would encourage traders to retest the high foe 2018 at 137.520. The caveat here is the response to the BOJ and risk going forward. The ECB is also meeting this week with the rate decision and press conference taking place on Thursday with rates expected to be left unchanged. 

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