The EUR/JPY cross meets with a fresh supply during the Asian session on Tuesday and reverses a part of the previous day's recovery move from the 50-day Simple Moving Average (SMA), around the 162.25 region, or a nearly one-month low.
EUR/JPY struggles to capitalize on Monday’s recovery from a nearly one-month low. Intervention fears and geopolitical risks revive demand for the JPY and exert pressure. The BoJ rate-hike uncertainty cap gains for the JPY and helps limit losses for the cross. The EUR/JPY cross meets with a fresh supply during the Asian session on Tuesday and reverses a part of the previous day's recovery move from the 50-day Simple Moving Average , around the 162.25 region, or a nearly one-month low.
The said support should act as a key pivotal point, which if broken should pave the way for the resumption of the recent corrective slide from a multi-year top. Bank of Japan FAQs What is the Bank of Japan? The Bank of Japan is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%.
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