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Forex: EUR/JPY holds onto gains at 122.26/28 after ECB

FXstreet.com (Barcelona) - The EUR/JPY declined sharply off the 122.72 handle (session high) Thursday, following the BoJ decision. However, in the aftermath of fellow central bank the ECB, the pair has oscillated slightly to trade at 122.26/28, recording gains of +2.28%.

In Europe, the highly anticipated interest rate decision from the ECB was held at 0.75%, which was consistent with expectations all along

According to Research Analyst Gareth Berry at UBS, “We ultimately reiterate our bearish stance on the EUR/JPY, as there remains risk for an extension of weakness. The focus is on critical support at 118.73, while a break below this would expose 116.85. Meanwhile, resistance is at 120.88 and 121.87.”

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