EUR/JPY awaits Draghi speech, PMI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY pair is trading moderately weaker on the day with investors awaiting comments from ECB President Draghi and PMI data releases.

    Draghi to reiterate dovish stance?

    ECB Draghi, at the ECB press conference yesterday, left the doors wide open for more easing in March. Now the President is due to speak and we could hear a similar dovish talk. Meanwhile, the PMI manufacturing indices could also influence the pair.

    The investors would also keep an eye on action in the European equities and accordingly adjust demand for the funding currency EUR and the safe haven JPY.

    EUR/JPY Technical Levels

    The cross currently trades around 127.77. The immediate resistance is seen at 128.19 (previous day’s high), above which the pair could target 129.08 (Jan 8 high). On the other hand, the support is seen at 127.35 (Jan 18 low), under which the pair could drop to 126.16 (previous day’s low).
    For more information, read our latest forex news.

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