- EUR/JPY is extending range trade for a second consecutive day, with day's highs at 122.79 and lows at 122.46.
- Pair remains capped below 5&10 DMAs, momentum studies are bearish.
- Strong support lies at 122.45 (Double bottom Feb 24th and 29th). Break below will see test of 122 levels.
- On the upside break above 123 will see bearish invalidation, test of next resistance at 124 then likely.
- Yen back on the bids after BoJ's Kuroda for the first time ever spoke on rolling back the ongoing accommodative monetary policy regime.
- We had advised a short (http://www.econotimes.com/FxWirePro-EUR-JPY-trades-a-narrow-20-pip-range-in-the-Asian-session-double-bottom-at-12245-offers-strong-support-211947).
Recommend holding for targets.