Tue, Mar 21, 2023 @ 06:59 GMT

EUR/JPY Bounces Back

The Japanese yen fell after the BoJ governor nominee Kazuo Ueda said he may keep policy ultra-loose. The pair has previously met stiff selling pressure at 144.10 near the origin of the sharp December liquidation. But that did not deter the bulls as bids emerged on the 20-day SMA (142.20) which coincides with the base of a breakout rally in mid-February. This suggests that overall sentiment is still upbeat in the medium-term. 143.00 is a fresh support and a close above 144.10 would trigger a runaway rally towards 145.80.

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