18 Feb 2016
EUR/JPY falls to 1-week low after ECB minutes
EUR/JPY came under renewed pressure and extended intraday losses as the euro weakened across the board following the ECB meeting minutes.
ECB minutes showed that the members believe risks to economic outlook are on the downside and have increased since December and a point was made regarding preference to make a pre-emptively act to counter downside risks.
The shared currency suffered against increasing expectations the ECB prepares to make a move in March, with EUR/JPY falling to a 1-week low of 126.11. At time of writing, the pair was trading at 126.18, recording a 0.75% loss on the day
EUR/JPY levels to watch
In terms of technical levels, next supports are seen at 125.80 (2016 low, Feb 11) and 124.93 (Jun 13 2013 low). On the flip side, resistances line up at 127.15 (Feb 18 high), 127.38 (Feb 17 high) and 128.06 (10-day SMA).
ECB minutes showed that the members believe risks to economic outlook are on the downside and have increased since December and a point was made regarding preference to make a pre-emptively act to counter downside risks.
The shared currency suffered against increasing expectations the ECB prepares to make a move in March, with EUR/JPY falling to a 1-week low of 126.11. At time of writing, the pair was trading at 126.18, recording a 0.75% loss on the day
EUR/JPY levels to watch
In terms of technical levels, next supports are seen at 125.80 (2016 low, Feb 11) and 124.93 (Jun 13 2013 low). On the flip side, resistances line up at 127.15 (Feb 18 high), 127.38 (Feb 17 high) and 128.06 (10-day SMA).