Published: 2/15/2018 1:44:00 PM
The EUR/JPY has risen from the lows of ¥132.51 to top the ¥133.00 level in the American afternoon. Market sentiment has improved with US stocks extending their gains in a day of relatively low volatility after a turbulent day on Wednesday.
Early in the day, the Japanese yen advanced as the Japanese Finance Minister Taro Aso refrained from intervention. The Ministry of Finance has ordered the Bank of Japan to intervene to weaken the yen on several occasions in the past. The Japanese currency advanced to a 15-month high against the US Dollar, raising speculation of another intervention.
According to other reports from Japan, Parliament will present a list of candidates to lead the BOJ early on Friday. Incumbent Haruhiko Kuroda is expected to be reappointed for a second term.
In the euro-zone, several members of the European Central Bank spoke earlier in the day but did not provide news on monetary policy.
The economic calendar features the release of foreign investments in Japan and a speech from ECB member Benoit Cœuré. Market sentiment may continue playing a leading role in determining the next moves of the cross.
The intraday high of ¥133.26 is the immediate level of resistance. A break above this level may open the door towards ¥133.79 (Feb. 13 top) and then 134.12 (Jan. 30 low).
On the downside, the low of ¥132.51 is the first support level to watch. Further below, ¥132 is notable (a round number and the Feb. 9 low) and then ¥131.66 (the Feb. 13 low).
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