Forex: EUR/JPY range bound above 129.00 ahead of BoJ

FXstreet.com (Barcelona) - EUR/JPY is last at 129.24, off NY lows at 129.00 round, and inside a narrow band the cross has been trading into for last 2 days, capped below previous weekly close Friday price around 129.85. It has been at this level since April 08, not going any higher than 131.2 since then, record 3-year highs, by the way.

Markets are awaiting today's BoJ monetary policy meeting, as the most important risk event for the day, ahead of next week ECB meeting, when speculation on a potential rate cut is starting to grow. EUR/JPY is down -0.47%, with Nikkei index closing yesterday at a fresh almost 5-year high above the 13900 points mark.

Immediate support to the downside for EUR/JPY lies at yesterday's lows 129.00, followed by Wednesday's lows at 128.75, and Tuesday's weekly lows at 127.83. To the upside, closest resistance shows at yesterday's highs 129.90, followed by Monday's weekly highs at 130.68, and April 11 almost 5-year highs at 131.14.