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3 Jul 2014
EUR/JPY climbs to 3-week highs ahead of ECB
FXStreet (Córdoba) - The EUR/JPY pushed to fresh 3-week highs at the beginning of the European session as investors gear up for the ECB policy meeting.
Even though no new measures are expected from the ECB today, investors will focus on Draghi’s message to assess likelihood of further easing moves or rate cuts in the upcoming months.
The EUR/JPY broke decisively above the 200-day SMA and climbed to a high of 139.25 as the euro recovers ground across the board. At time of writing, the EUR/JPY is trading at 139.20, recording a 0.16% gain, the fourth in a row.
EUR/JPY levels to watch
As for technical levels, next resistances for EUR/JPY are seen at 139.40 (Jun 10 high) and 139.60 (50-day SMA). On the other hand, supports could be found at 138.97 (Jul 3 low), 138.53 (Jul 2 low) and 138.09 (Jun 30 low).
Even though no new measures are expected from the ECB today, investors will focus on Draghi’s message to assess likelihood of further easing moves or rate cuts in the upcoming months.
The EUR/JPY broke decisively above the 200-day SMA and climbed to a high of 139.25 as the euro recovers ground across the board. At time of writing, the EUR/JPY is trading at 139.20, recording a 0.16% gain, the fourth in a row.
EUR/JPY levels to watch
As for technical levels, next resistances for EUR/JPY are seen at 139.40 (Jun 10 high) and 139.60 (50-day SMA). On the other hand, supports could be found at 138.97 (Jul 3 low), 138.53 (Jul 2 low) and 138.09 (Jun 30 low).