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EUR/JPY struggles to recover ahead of ECB

FXStreet (Moscow) - EUR/JPY  is trading at 143.33 with light bullish bias after having crashed to 142.90 from Asian high of 144.21.

EUR/JPY has had a highly volatile Asian session within the current intraday trading range of more than 100 pips. It seems that markets have hard time coming to grips with new stimulative Japanese reality as they have been selling yen for nearly the whole week without any meaningful pause. Probably, now the time is ripe for a true correction as today focus shifts onto ECB’s policy decision. EUR may fall across the board if Draghi chooses to follow the example of his Japanese counterpart and hints at more QE on cards. If this is the case, EUR/JPY may return to the area below 143.00 and test the initial support at 142.50.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 143.02; initial support levels at 142.58, 141.91 and 141.47 with resistance above at 143.69, 144.13 and 144.80. Hourly Moving Averages are bullish, with the 200SMA bullish at 139.64 and the daily 20EMA bullish at 138.79. Hourly RSI is bullish at 51.

EUR/USD to remain lead footed into the ECB - UOB Group

The Market Strategy Team at UOB Group suggest that EUR/USD should continue trading in a tight range ahead of the ECB monetary policy decision later today.
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