#EURJPY @ 149.973 is oscillating in a narrow range below 150.00 as ECB-BoJ policy comes under picture. (Pivot Orderbook analysis)

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• EUR/JPY is oscillating in a narrow range below 150.00 as ECB-BoJ policy comes under picture.
• The BoJ is expected to keep monetary policy unchanged till inflation targets don’t get achieved.
• ECB Lagarde is expected to raise interest rates further as inflation in Eurozone is extremely stubborn

The pair currently trades last at 149.973.

The previous day high was 150.02 while the previous day low was 148.63. The daily 38.2% Fib levels comes at 149.49, expected to provide support. Similarly, the daily 61.8% fib level is at 149.16, expected to provide support.

The EUR/JPY pair is continuously trading sideways below the psychological resistance of 150.00 in the European session. The cross is trading non-directionally as investors are preparing for the interest rate decisions by the European Central Bank (ECB) and the Bank of Japan (BoJ).

Investors are highly confident that ECB President Christine Lagarde will raise interest rates further as inflation in Eurozone is extremely stubborn. While the BoJ is expected to keep monetary policy unchanged till inflation targets don’t get achieved.

EUR/JPY is demonstrating a back-and-forth action in a range of 148.58-150.21 for the past six trading sessions. This indicates a sheer drop in volatility, which will be followed by wider ticks and heavy volume after the explosion. Potential resistance is plotted from May 02 high at 151.62.

The 50-period Exponential Moving Average (EMA) at 149.55 has turned straight, portraying a non-directional performance.

Adding to that, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00, indicating that investors are awaiting a fresh trigger.

Bullish bets will emerge post a break above June 02 high at 150.12, which will drive the cross toward May 28 high at 151.07 followed by May 02 high at 151.62.

On the flip side, a breakdown below May 31 low at 148.59 will drag the asset toward April 27 high around 148.00. Slippage below the latter would drag the asset toward May 04 low at 147.13.

Technical Levels: Supports and Resistances

EURJPY currently trading at 149.75 at the time of writing. Pair opened at 149.91 and is trading with a change of -0.11 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.27, 50 SMA 147.84, 100 SMA @ 145.16 and 200 SMA @ 144.14.

The previous day high was 150.02 while the previous day low was 148.63. The daily 38.2% Fib levels comes at 149.49, expected to provide support. Similarly, the daily 61.8% fib level is at 149.16, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.02, 148.14, 147.64
• Pivot resistance is noted at 150.41, 150.91, 151.8

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