EUR/JPY smashes through 115 on Bloomberg's ECB tapering news

EUR/JPY is up onto the 115 handle with a strong bid in the euro across the board.

EUR/USD makes U-turn on ECB headlines

EUR/USD rallied hard from 1.1150 to 1.1239 on the back of news hitting the wires over the ECB heading towards tapering of their QE programme. However, this of course all depends on the economic outlook. The news came from a Bloomberg report, "Less than six months before the program’s earliest end-date of March 2017, an informal consensus has built among policy makers in the past month that asset buying will have to be tapered, the officials said, asking not to be identified because their deliberations are confidential, " taken from the report. 

EUR/JPY levels

Above 114.66, rallies will find additional resistance at 116.37, according to analysts at Commerzbank, "The peak charted in early September and the 115.54 2016 downtrend. As this coincides with the top of the cloud at 115.65, this represents tough overhead resistance." To the downside, 113.90 is a critical support area just below the 200 sma on the four hour sticks.