Technical Analysis
EURJPY have big potential to sell around 170.202 . This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for buyers is weakening.
Fundamental Analysis
Ahead of the next meeting, the BOJ said it will collect views from market participants and will decide on a detailed plan for the reduction of its purchase amount for the next one to two years.
Purchases of JGBs, commercial paper and corporate bonds will also continue as decided in the March monetary policy meeting.
Following the BOJ decision, the Japanese yen weakened 0.52% to 157.84 against the U.S. dollar, while the yield on 10-year JGB
fell 44 basis points to 0.924.