EURJPY scenarios post-ECB

This pair is waiting for the ECB rate decision and their monetary policy statements before doing a move. From a technical point of view the euro is testing resistance at 141.10. In case the ECB leave their monetary policy and interest rates unchanged this could be bullish for the euro and a breakout above 141.10 is very likely.

eurjpy 06032014

On the other hand if they cut rates or if their announce a stop to their sterilization program this could be very bearish for the euro. In such case we should look much lover, first target is at 140.60, then 140.15 and in the medium term we should head towards 139.20 level. Again this will happen only if the ECB announce a change in their monetary policy. If the don’t it’s very likely to see a stronger euro

Filed in: JPY Pairs Tags: , , , , , , , , ,

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