EUR/JPY advances, still capped by the 20-day SMA

In Monday’s session, the EUR/JPY cross gained ground and marched towards the 158.15 area, tallying nearly 0.35% daily gains. The Euro trades strong ag

ainst most of its rivals, while the JPY is one of the worst performers in the session, mainly driven by the Bank of Japan’s ultra-dovish stance., delivered a speech on Monday but refrained from commenting about the upcoming September decision. Joachim Nagel was also on the wires but didn’t give any detailed clues regarding the next monetary policy decisions, and he only showed himself concerned with inflation being too high.

On the JPY’s side, as the Bank of Japan has stated, changes to monetary policy will only be entertained once local wage and inflation indicators match their projections. Japan will report July household spending figures on Tuesday and cash earnings on Friday, which investors will closely monitor to place their bets on the next BoJ decisions. Observing the daily chart, EUR/JPY displays a neutral to bullish technical outlook for the short term as the bulls gain momentum.

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