EUR/JPY Price Analysis: Juggles around 140.00 after a vertical sell-off

• The formation of Double Top amid less buying interest led to a sheer fall in the Euro bulls.
• EUR/JPY is hovering around the critical support at 140.00 and an absence of follow-up buying indicates the Japanese Yen’s strength.
• A bear cross, represented by the 20 and 50-EMAs, adds to the downside filters.

The EUR/JPY pair is displaying back-and-forth moves in a narrow range of 140.00-140.40 in the early Asian session. The cross has turned sideways after a perpendicular downside move amid escalating chatters that the Bank of Japan (BoJ) is aiming to exit from its decade-long ultra-loose monetary policy.

After expanding the range of 10-year Japan Government Bonds (JGBs)’s yields TO +-50 basis points (bps), the BOJ is reviewing the side-effects of easy policy, which indicates that Japanese officials are looking to change their monetary policy approach in parallel with Western nations.