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EUR/JPY in danger zone ahead of ECB risk

FXStreet (Barcelona) - EUR/JPY> is trading at 137.56, up 0.09% on the day, having posted a daily high at 137.60 and low at 137.39.

EUR/JPY has caught a minor bounce from the lows of the overnight sessions with the USD/JPY leading the affairs of the crosses. Valeria Bednarik notes that these levels in EUR/JPY are at the lowest in 3 weeks, with yen advancing strongly during the US session amid falling stocks. “Indicators maintain a clear bearish slope, standing in oversold territory, while the 4 hours chart shows an even stronger bearish momentum that supports a continued slide”. She adds that the risk comes from the ECB as market reaction is quite unpredictable over such big event, yet a recovery at least above 138.50 is required to support a recovery, while she said a price acceleration below 137.35 should see the pair approaching recent lows in the 136.40 price zone.

Support levels: 137.35 136.90 136.40

Resistance levels: 139.15 139.60 140.00

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