9 Mar 2015
EUR/JPY backs off as ECB begins QE purchases
FXStreet (Mumbai) - The EUR/JPY backed-off from the daily high of 131.64 to trade at 131.28 tracking the fall in the bond yields across the Eurozone as the European Central Bank (ECB) begins its QE purchases.
EUR/JPY: Rejected at 5-DMA
The pair failed to sustain above the 5-DMA located at 131.62. The shared currency came under pressure on reports the central banks across the Eurozone were seen buying German debt under the ECB’s EUR 60 billion per month QE program.
In the meantime, the Japanese Yen is also being supported by the weakness in the US Treasury yields.
EUR/JPY Technical Levels
The pair has an immediate support at 130.72, under which losses could be extended to 130.13 levels. On the flip side, resistance is seen at 130.12 (5-DMA) and 132.34 levels.
EUR/JPY: Rejected at 5-DMA
The pair failed to sustain above the 5-DMA located at 131.62. The shared currency came under pressure on reports the central banks across the Eurozone were seen buying German debt under the ECB’s EUR 60 billion per month QE program.
In the meantime, the Japanese Yen is also being supported by the weakness in the US Treasury yields.
EUR/JPY Technical Levels
The pair has an immediate support at 130.72, under which losses could be extended to 130.13 levels. On the flip side, resistance is seen at 130.12 (5-DMA) and 132.34 levels.