GBP/JPY & EUR/JPY Key Trading Levels – Leading Indicators Fail to Surprise

The Japanese currency pairs are on the move as investors raised the demand for safe-haven currencies. The BOJ’s Deputy Governor nominee Masayoshi Amamiya, at the confirmation hearing in Parliament’s lower house, supported the Japanese Yen. He remarked that the economy is proceeding with a path towards a 2% inflation target.

Moreover, the advantages of easing policy are exceeding costs. A drop in oil prices have had a big impact on Japan’s economy and sales tax hikes are reasons why inflation is not at 2%.

Japan’s leading Indicator fell to 104.8% vs. the 106.5% expectation and 107.4% figure beforehand. Seems like a good chance to grab few PIPs – let me share key trading levels for Japanese crosses.   

EUR/JPY – Major Trading Levels

Support     Resistance

129.65        131.69

129.02        132.32

128             133.34

Key Trading Level:    130.67

GBP/JPY – Major Trading Levels

Support     Resistance

145.06        148.98

143.84        150.2

141.88        152.16

Key Trading Level:    147.02