19 Jan 2015
EUR/JPY risks are with the ECB this week
FXStreet (Guatemala) - EUR/JPY is currently trading at 135.77 with a high of 136.11 and low of 135.56, currently down 0.19% on the start of the week.
EUR/JPY struggles at 136.00 in market that is consolidated post last week's mayhem in the aftermarth of the SNB decision to remove the 1.2000 floor in EUR/CHF. The Euro is under pressure and some analysts are sighting a deep correction in the single currency over the course of this year, while the Yen will be supported on the back of risk aversion as a safe haven currency whose Central Bank isn't currently charging depositors to deposit cash in Yen.
This week brings both the ECB meeting and BoJ minutes, with the ECB the taking the spotlight. The market consensus for the meeting is that the ECB will commence sovereign QE, and with the euros biggest buyer, the SNB, out of the market for euros, the cross is looking heavy again and Valeria Bednarik, chief analyst at FXStreet, explained that the 1 hour chart shows that indicators are turning lower above their midlines, whilst moving averages maintain a strong bearish tone well above current levels, supporting the ongoing bearish trend.
EUR/JPY struggles at 136.00 in market that is consolidated post last week's mayhem in the aftermarth of the SNB decision to remove the 1.2000 floor in EUR/CHF. The Euro is under pressure and some analysts are sighting a deep correction in the single currency over the course of this year, while the Yen will be supported on the back of risk aversion as a safe haven currency whose Central Bank isn't currently charging depositors to deposit cash in Yen.
This week brings both the ECB meeting and BoJ minutes, with the ECB the taking the spotlight. The market consensus for the meeting is that the ECB will commence sovereign QE, and with the euros biggest buyer, the SNB, out of the market for euros, the cross is looking heavy again and Valeria Bednarik, chief analyst at FXStreet, explained that the 1 hour chart shows that indicators are turning lower above their midlines, whilst moving averages maintain a strong bearish tone well above current levels, supporting the ongoing bearish trend.