Is EUR/JPY Finds Support Still Relevant?

World Finance announced that EUR/JPY Finds Support and got valuable place regarding USD trade zone. Here, few points why EUR/JPY Finds Support is getting value into the exchange market:

  • EUR/JPY finds support from rebound staged by USD/JPY, halts back-to-back sessions of losses.
  • The pair edges higher from multi-week lows at 120.54 (on Jan 17th) to currently hover around handle.
  • Price action has slipped below 50-DMA, we see scope for test of 200-DMA at 118 levels.
  • Upside capped by 5-DMA at 121.21, slight upside only on decisive close above.
  • Focus now on remains the inflation figures due on the cards from Germany, Eurozone today.
  • The key event of the week for the is likely to be the European Central Bank on Thursday.
  • The following press conference from President Mario Draghi will be closely watched.

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