EUR/JPY bounces off multi-day lows, near 132.40

• The cross rebounds from the 132.00 region, or daily lows.
• EUR weakness sustains the down move to 2-week lows.
• No news from the BoJ meeting. Kuroda confirms the loose stance.

The increasing offered bias around the single currency is dragging EUR/JPY to test the area of 2-week lows in the 132.00 neighourhood, albeit gaining some momentum soon afterwards.

EUR/JPY finds support at 132.00

After bottoming out in the 132.00 area in early trade, some buying interest in the European currency emerged and is now pushing the cross to the 132.30 region.

The cross, however, keeps the negative view this week, down for the third consecutive session so far following the rejection from peaks in the mid-133.00s recorded on Tuesday.

EUR came under renewed selling pressure following the ECB meeting yesterday, where President Draghi delivered a somewhat cautious message, disappointing EUR-bulls.

On the JPY side, the BoJ left unchanged its monetary conditions at the meeting early in the day, where Governor Kuroda re-asserted the ‘looser for longer’ stance.

EUR/JPY relevant levels

At the moment the cross is losing 0.16% at 132.10 and a breach of 131.95 (low Apr.27) would aim for 131.80 (low Apr.12) and then 131.61 (55-day sma). On the upside, the next hurdle is located at 132.59 (10-day sma) seconded by 133.03 (100-day sma) and finally 133.52 (high Apr.24).