8 May 2014
EUR/JPY remains capped by 142.00, ECB eyed
FXStreet (Córdoba) - The EUR/JPY trades a tad higher but still capped by the 142.00 area as market gears up for the European Central Bank monetary policy decision.
The EUR/JPY bounced off a low of 141.48 and reached a session high of 141.85 at the beginning of the European trade but lacked momentum to break free from its recent range. At time of writing, the pair is trading at 141.78, virtually unchanged on the day ahead of the ECB verdict.
However, most analysts agree the ECB wouldn't take any new measures at this time, not a rate cut nor QE, so the euro might not take direction from the decision, although there is plenty of room for surprises.
EUR/JPY levels to watch
As for technical levels, immediate supports are seen at 141.48 (May 8 low), 141.14/11 (May 7 and Apr 30 lows), and 140.98 (Apr 28 low). On the other hand, resistances could be found at 142.00 (psychological level) and 142.37 (May 2 high).
The EUR/JPY bounced off a low of 141.48 and reached a session high of 141.85 at the beginning of the European trade but lacked momentum to break free from its recent range. At time of writing, the pair is trading at 141.78, virtually unchanged on the day ahead of the ECB verdict.
However, most analysts agree the ECB wouldn't take any new measures at this time, not a rate cut nor QE, so the euro might not take direction from the decision, although there is plenty of room for surprises.
EUR/JPY levels to watch
As for technical levels, immediate supports are seen at 141.48 (May 8 low), 141.14/11 (May 7 and Apr 30 lows), and 140.98 (Apr 28 low). On the other hand, resistances could be found at 142.00 (psychological level) and 142.37 (May 2 high).