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EURJPY Pressing Toward Session Lows, Approaching Key Support At 156.95

EUR
  • The dovish hike from the ECB continues to weigh on the Euro, with the potential signalling of peak rates and significant downward revisions to growth forecasts across all time horizons providing the main EUR headwinds.
  • It is worth highlighting that EURJPY is dipping a touch more than EURUSD, even after the stronger-than-expected US data, declining 0.60% as president Lagarde begins the Q&A section of her press conference. Price action significantly narrows the gap with key support at the 50-day EMA – intersecting today at 156.95.
  • This average was pierced earlier this week and a clear breach of it would undermine the most recent uptrend and highlight a possible short-term reversal.

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