OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/JPY weakens ahead of the ECB bond buying results

FXStreet (Mumbai) - The EUR/JPY pair is trading in the red as the markets await the European Central Bank (ECB) bond buying results for the last week. The pair has repeatedly lost steam around 142.80-143.00 levels, due to which the pair has moved lower towards 142.30 levels.

Moreover, the yen has strengthened against the US Dollar tracking the weakness in the US Treasury yields. The single currency appears exhausted as markets expect the Eurozone Sentix Inventor Confidence to have dipped to -13.8 in November. The EUR is also likely to stay weak as investors await the (ECB) bond buying results for the last week. The first week of the program saw a mere EUR 1.7 billion in uptake. The EUR/JPY pair may fall further today, if the ECB announces a sharp increase in the amount of bond buying program of the last week.

Meanwhile, a further fall in the benchmark bond yields across the Eurozone shall tilt the yield spreads in favor of the Yen.

EUR/JPY Technical levels

The pair currently trades 0.35% lower at 142.25, with the immediate support at 141.96, under which the pair can fall to 141.65. Meanwhile, a breach of the immediate resistance located at 142.73, shall open doors for a re-test of 143.48.

Bund – market rebounding off support at 150.75 - Commerzbank

Karen Jones, Head of Technical Analysis at Commerzbank sees the support at 150.64/75 guarding the uptrend providing scope for a retest of the 15.249/66 high.
Read more Previous

USD/JPY testing 114.00

The US dollar extends its offered tone after the start of the European session on Monday, dragging USD/JPY back to the boundaries of 114.00 the figure...
Read more Next
Start livechat