Bullish Cypher on EUR/JPY, good to go long

FX:EURJPY   Euro / Japanese Yen
203 0 4
A Bullish Cypher pattern completed on EUR/JPY             daily charts . We see weakness only below 122 levels. The pair has also taken strong trendline support at 122.72 on Thursday's trade.

Scope for upside test of 125.38 (50% Fib retrace of 128.221 to 122.539 fall) and further bullishness could see 126 levels (61.8% Fib retrace of 128.221 to 122.539 fall).

Stochs on daily charts are at oversold levels and downside momentum on MACD is fading.

Bank of Japan will hold its two day monetary policy meeting on 27-28 April. The BoJ's 9-member policy board is expected to decide policy rate and update forecasts inflation and growth figures.

According to recent Reuters poll, out of 16 analysts 8 said that the BOJ will take easing steps at 27-28 April meeting. JGBs gained on Friday amid weak industrial production and expectation of further policy easing from BoJ.

The yield on the benchmark 10-year, moved down 17.86 pct to -0.099 pct and 30-year bonds yield dipped 0.99 pct to 0.398 pct by 0745 GMT             .

Good to go long at dips around 123 levels, SL: 121.90, TP: 124/124.70/125.30
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