5 Mar 2015
EUR/JPY rises above 134.00
FXStreet (Mumbai) - The EUR/JPY rose above 134.00 levels after the European Central Bank (ECB) left key policy rates unchanged as expected. Investors now await QE details to be announced at the ECB press conference.
EUR/JPY: Stuck at hourly 50-MA
The immediate gains in the pair are being capped at the hourly 50-MA located at 133.10. Moreover, the decision to hold policy rates unchanged was widely expected. Hence, the shared currency may struggle to extend gains above the hourly 50-MA. Further gains depend on the ECB President Draghi’s take on the Eurozone GDP and Inflation. Markets will also look for the detail of the QE program - when will the QE purchases would begin – early, middle or late March, and will the national central banks be allowed to buy other assets.
EUR/JPY Technical Levels
The immediate resistance is seen at 134.10, above which gains could be extended to 133.59 (10-MA). On the other hand, support is seen at 132.70 and 132.10 levels.
EUR/JPY: Stuck at hourly 50-MA
The immediate gains in the pair are being capped at the hourly 50-MA located at 133.10. Moreover, the decision to hold policy rates unchanged was widely expected. Hence, the shared currency may struggle to extend gains above the hourly 50-MA. Further gains depend on the ECB President Draghi’s take on the Eurozone GDP and Inflation. Markets will also look for the detail of the QE program - when will the QE purchases would begin – early, middle or late March, and will the national central banks be allowed to buy other assets.
EUR/JPY Technical Levels
The immediate resistance is seen at 134.10, above which gains could be extended to 133.59 (10-MA). On the other hand, support is seen at 132.70 and 132.10 levels.