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EUR/JPY chart on Trading View used for analysis
- The single currency remians under pressure heading into today's ECB October monetary policy meeting due at 1145 GMT.
- EUR/JPY hit session lows at 127.50 before paring some losses to currently trade at 127.83.
- Analysts expect the ECB to leave policy on hold, and to provide no new information regarding the conclusion of QE later this year.
- Focus will be on the tone of the press conference, as Draghi is likely to acknowledge that downside risks have somewhat intensified.
- EUR/JPY trades with a bearish bias, technicals support downside. Scope for test of 78.6% Fib at 126.44.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-Euro-weakens-across-the-board-after-dismal-PMI-data-stay-short-EUR-JPY-target-618-Fib-1447982) has hit TP1.
Recommendation: Book partial profits at lows. Holds for further downside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
