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Pushes Higher, But Yet To Test Neckline

EURO-YEN

EUR/JPY has advanced in Asia-Pac hours, correcting yesterday's sell-off driven by well-documented concerns over the coronavirus situation/new lockdown measures in Europe. Reaction to the BoJ's expected decision to leave MonPol settings unchanged has been very muted and the rate's move occurred as e-minis have crept higher.

  • The rate sits +22 pips at Y122.76 as we type. Today's uptick can be seen as a throwback after yesterday's confirmation of a double top pattern. Continued rally above the neckline at Y123.02/03 would support the bullish case, opening up Oct 26 high/50-DMA at Y124.23/39. Bears need a breach of yesterday's trough at Y122.19 before targeting the Y122.00 mark.
  • The BoJ has already delivered its monetary policy decision and ECB colleagues are set to announce theirs later in the day. Elsewhere, focus will fall on Japan's consumer confidence index, EZ sentiment gauges, German unemployment & flash CPI as well as comments from ECB's Visco & Villeroy.
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