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6 Mar 2014
EUR/JPY holds above 141.00 ahead of ECB
FXStreet (Córdoba) - The EUR/JPY extended gains into a third consecutive day Thursday and reached a 2-week high as investors await the European central Bank monetary policy decision.
Markets are waiting for ECB easing signals or even actions this Thursday so there is plenty of room for disappointment if the central bank doesn't deliver. ECB decision is due at 12:45GMT and news conference by Mario Draghi at 13:30GMT.
As for the EUR/JPY, the pair managed to break above the 141.00 mark and hit a high of 141.19 before finding resistance and easing a tad. At time of writing, the EUR/JPY is trading at the 141.10 zone, recording a 0.4% gain on the day. "EURJPY finally broke the key resistance at 50-dma (140.85) on the upside and rallied to 141.19. Minor resistance is eyed at daily Ichimoku cloud top (141.48); bias is on the upside", said Ipek Ozkardeskaya, analyst at Swissquote Bank SA.
Markets are waiting for ECB easing signals or even actions this Thursday so there is plenty of room for disappointment if the central bank doesn't deliver. ECB decision is due at 12:45GMT and news conference by Mario Draghi at 13:30GMT.
As for the EUR/JPY, the pair managed to break above the 141.00 mark and hit a high of 141.19 before finding resistance and easing a tad. At time of writing, the EUR/JPY is trading at the 141.10 zone, recording a 0.4% gain on the day. "EURJPY finally broke the key resistance at 50-dma (140.85) on the upside and rallied to 141.19. Minor resistance is eyed at daily Ichimoku cloud top (141.48); bias is on the upside", said Ipek Ozkardeskaya, analyst at Swissquote Bank SA.