EUR/JPY rebounds from pivot support

Offered tone around JPY gathered pace in Asia, helping EUR/JPY stage a rebound from pivot support of 113.19 levels. At the time of writing, the cross was trading at 113.52 levels.

Eyes BOJ policy decision

Is there a surprise in store is the question and that has pushed the Japanese Yen on the back foot in the run up to BOJ policy decision. Note, the Japanese currency has traded sideways for almost a week, which makes it even more vulnerable to Kuroda surprise.

The Eurozone data docket is empty hence post BOJ the focus would immediately turn to FOMC rate decision due in the US trading hours.

EUR/JPY Technical Levels

Breach of immediate resistance of 113.61 (daily pivot resistance) could yield a rise to 114.06 (hourly 200-MA). On the lower side, breach of 113.19 (daily low) would open doors for 112.78 (Aug 24 low).