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Forex: EUR/JPY eases to 127.00 after ECB rates, Draghi ahead

Having risen to as high as 127.47 on the European session on the back of expectations ahead of the ECB monetary policy decision and Draghi's press conference, the publication of the interest rates for February triggered a test of the 127.00 for support. Nevertheless, the EUR/JPY is trading +0.34% higher on the day.

The interest rate decision was widely expected and investors are more interested in seeing what ECB President Mario Draghi has to say about the LTRO repayments process, absorbing liquidity from the market, and the EUR strength issue raised recently, with French President Hollande being the main character in the story.

“EUR/JPY has broken its strong resistance at 123.33 and has met strong resistance close to 127.92 (05/04/2010 high), reaching 127.71 thus far”, wrote MIG Bank analyst Bijoy Kar, pointing to an hourly support at 122.99 (31/01/2013 low) and a key support at 121.22 (29/01/2013 low).

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