EUR/JPY chart - Trading View
- EUR/JPY is trading 0.11% lower on the day at 124.49 at 1055 GMT, bias remains bearish.
- Upside is for now capped at 5-DMA and daily cloud top. Break above will see minor gains.
- Decisive breakout at 110-EMA required for any meaningful upside.
- The pair finds strong trendline support at 123.85. Break below to see further downside.
- ECB’s M.Draghi in his speech earlier today reiterated that risks for the outlook in the region keep pointing to the downside.
- The single currency under pressure as yields of the 10-year Bund dropped to fresh lows near -0.05%, area last visited in October 2017.
- Later in the day, the ECB will remain in centre stage in light of speeches by Board members S.Lautenschlaeger, E.Nowotny, P.Praet, L.De Guindos and Y.Mersch.
- Decisive break below cloud and trendline support at 123.85 to see dip till 123.16 and then .122.14.
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