Key Levels Of GBPJPY & EURJPY – BOJ Trims Bond Purchases

Posted Wednesday, January 10, 2018 by
Arslan Butt • 1 min read

The safe haven currency Japanese Yen took a turn when the Bank of Japan’s governor,  Haruhiko Kuroda, trimmed the amount of long-dated Japanese government bonds it would buy. The Japanese central bank diminished the number of JGBs (Japanese Government Bonds) with 25 to 40 years of maturity by the same amount to ¥90 billion.

Fellas, it’s sort of a contractionary monetary policy. Seems like, the BOJ is also following the footstep of the US central bank. In response, we may see bullishness in Japanese Yen. Let’s take a look at the trading levels now.

EURJPY – Major Trading Levels

Support     Resistance

133.84    135.27

133.22    136.08

132.41    136.7

Key Trading Level:    134.65

GBPJPY – Major Trading Levels

Support     Resistance

1.3502    1.3579

1.3464    1.3618

1.3425    1.3656

Key Trading Level:    1.3541

If you are looking to trade these cross, make sure to monitor the U.K’s Manufacturing Production from today and ECB Monetary Policy Meeting Accounts tomorrow. Good luck and keep following for more exciting trades.

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