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Chart - Courtesy Trading View
EUR/JPY was trading 0.07% lower on the day at 125.36 at around 17:05 GMT.
The pair has trimmed some of the losses on the day, edges higher from session lows at 124.39.
Single currency remains under pressure as the invasion stokes fears of stagflation/recession in the Eurozone, which is more acutely exposed to economic sanctions on Russia.
This week’s ECB meeting is a crucial event and President Lagarde has a difficult task to balance ECB’s credibility with exacerbating Eurozone inflation woes.
EUR/JPY has formed a Spinning Top on the daily candle, suggesting indecision among traders.
The pair is set to remains choppy at current levels as we head into the ECB meeting. Geopolitical developments are set to remain in the driving force.
Technical indicators remain bearish. However, oversold oscillators raises scope for some pullbacks.
