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EUR/JPY hesitant at 137.80 ahead of ECB



FXStreet (Moscow) - EUR/JPY is glued to the narrow range limited by 137.97 (Asian high) on the upside and 137.74 (Asian low) on the downside; Currently tte cross is trading at 137.80

All eyes on ECB

EUR/JPY climbed to 138.28 on Wednesday, but failed to stay above 138.00 and finished the day at 137.79. The bearish dynamics during European hours was caused by JPY strengthening on the back of geopolitical jitters. BoJ published its monetary policy decision, but EUR/JPY reaction was muted. The cross may weaken slightly ahead of European opening, but the large movements are unlikely as the market is waiting for ECB monetary policy decision and Draghi’s press-conference. Though it is widely expected to be a non-event, the suspense is building. From the technical point of view, the upside is capped by 138.00, once it is broken, 138.28 (Wednesday’s high) will come into play. On the downside the support is seen at 137.68 and followed by 137.50

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.93, with support below at 137.56, 137.31 and 136.94, with resistance above at 138.18, 138.55, and 138.80. Hourly Moving Averages are mixed with the 200SMA bearish at 137.87 and the daily 20EMA bullish at 137.27. Hourly RSI is bearish at 46

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