#EURJPY @ 148.321 has jumped above 148.00 as BoJ has maintained the status quo. (Pivot Orderbook analysis)

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• EUR/JPY has jumped above 148.00 as BoJ has maintained the status quo.
• A continuation of ultra-dovish policy was widely anticipated to keep inflation confidently above 2%.
• Investors are keenly awaiting the release of preliminary Eurozone GDP and German HICP data for further guidance.

The pair currently trades last at 148.321.

The previous day high was 147.99 while the previous day low was 147.14. The daily 38.2% Fib levels comes at 147.67, expected to provide support. Similarly, the daily 61.8% fib level is at 147.47, expected to provide support.

The EUR/JPY pair has climbed above the critical resistance of 148.00 as the Bank of Japan (BoJ) has kept its interest rate policy unchanged. Maintenance of an expansionary monetary policy was already anticipated by the market participants as the BoJ is dedicated to keeping inflation sustainably above 2%.

BoJ Governor Kazuo Ueda has already announced that the impact of higher import prices has already passed into the economy higher than expected. Domestic demand is struggling to firm its feet despite enormous efforts of accelerating wages. Therefore an expansionary monetary policy was highly required to maintain fuel in inflationary pressures.

On the Eurozone front, investors are keenly awaiting the release of preliminary Eurozone Gross Domestic Product (GDP) and German Harmonized Index of Consumer Prices (HICP) data. European Central Bank (ECB) policymakers are confident about economic recovery as headline inflation is quickly softening due to declining energy prices and a shortage of labor due to upbeat demand.

Reuters reported that according to a Gfk Survey German consumer sentiment is set to pick up in May as moderating energy prices and expected wage increases help to dissipate households’ initial fears about a loss in purchasing power.

Considering the consensus, preliminary monthly German inflation is seen accelerated by 0.8% vs. the 1.1% pace recorded in the prior month. While Eurozone GDP (Q1) is expected to an expansion by 0.2% against a stagnant performance displayed in the last quarter.

Eurozone’s economic data holds significant importance it will be considered by ECB President Christine Lagarde for the monetary policy decision scheduled for next week.

Technical Levels: Supports and Resistances

EURJPY currently trading at 147.37 at the time of writing. Pair opened at 147.73 and is trading with a change of -0.24 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 146.05, 50 SMA 144.37, 100 SMA @ 142.94 and 200 SMA @ 142.41.

The previous day high was 147.99 while the previous day low was 147.14. The daily 38.2% Fib levels comes at 147.67, expected to provide support. Similarly, the daily 61.8% fib level is at 147.47, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 147.25, 146.77, 146.4
• Pivot resistance is noted at 148.1, 148.47, 148.95

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