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22 Oct 2015
EUR/JPY falling hard to the 200 DMA on dovish Draghi
FXStreet (Guatemala) - EUR/JPY dropped heavily and continues to do so on a dovish press conference from the ECB's governor Draghi.
He is concerned mostly about China and emerging markets while he doesn't have a full visibility on the economic impact, he said a degree of accommodation will need to be re-examined at the December meeting.
We had the interest rate decision with the ECB staying on hold as widely expected. The main refi rate unchanged at 0.05%, also the deposit rate unchanged -0.20% and the marginal lending rate unchanged 0.30%.
Draghi on inflation
EUR/JPY levels
Technically, we are now below the 134.27 6 month uptrend and the 200 DMA that is at 134.51. Next stop, 132.80 and then the 127.59 the 2013-2015 support line over the medium term to the downside.
He is concerned mostly about China and emerging markets while he doesn't have a full visibility on the economic impact, he said a degree of accommodation will need to be re-examined at the December meeting.
We had the interest rate decision with the ECB staying on hold as widely expected. The main refi rate unchanged at 0.05%, also the deposit rate unchanged -0.20% and the marginal lending rate unchanged 0.30%.
Draghi on inflation
EUR/JPY levels
Technically, we are now below the 134.27 6 month uptrend and the 200 DMA that is at 134.51. Next stop, 132.80 and then the 127.59 the 2013-2015 support line over the medium term to the downside.