30 Apr 2020
EUR/JPY Price Analysis: Euro under pressure near 2020 lows ahead of ECB press conference
- EUR/JPY remains under bearish pressure vs. Japanse yen ahead of the ECB press conference.
- ECB tweaks policy but leaves QE unchanged – Live coverage.
- The level to beat for bears is the 115.50 support on a daily closing basis.
EUR/JPY daily chart
EUR/JPY stays under selling pressure below the main SMAs (simple moving averages) on the daily chart as the currency cross is looking once again at the 2020 lows. The ECB leaves rates unchanged but with minor changes in policy. Market participants will shift their focus to the ECB press conference.
EUR/JPY four-hour chart
Euro/Yen trades below the 116.05 resistance as the spot keeps grinding lower while below its main SMAs on the four-hour chart. As the trend remains tilted to the downside, bears remain in control with further losses in the pipeline towards the 115.50 and 114.50 levels. On the flip side, resistance can emerge near 116.05, 116.50 and 117.00 levels.
Additional key levels