EURJPY 31.10.2012 Outlook

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The market were largely unimpressed even though (Bank Of Japan) BOJ boosted its money stimulus for the second month in a row. The BOJ topped up its asset buying and lending programme, its main monetary easing tool, by 11 trillion yen ($138 billion) to 91 trillion, broadly in line with what markets had factored in. As soon as the news was released, the market sold the USDJPY and all the Yen pairs moved south across the board. However price of EURJPY has returned to pre news prices today.

I would be looking to buy the EURJPY if prices closes significantly above the 103.26 and target would be the next resistance of the box at 103.86. A strong close below 103.00 would see prices testing the next support at 102.60