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EURJPY Under Further Pressure Post ECB, Approaches 20-day EMA

EUR
  • Following the FOMC decision and amid the ongoing concerns for the US banking sector, the Japanese Yen has continued to benefit and is among the best performers in G10 on Thursday. With some residual pricing being pulled out for ECB hiking expectations, the Euro has underperformed, sitting at session lows against the yen as of writing and down 1.00%.
  • The pair continues to retrace the post BOJ bounce from last Friday in what is considered to be a correction for now. Overall, the trend condition remains bullish following recent gains.
  • Price action has seen the pair rapidly narrow the gap with initial support at 147.50, the 20-day exponential moving average.
  • Below there, key short-term support has been defined at 146.29, the Apr 25 low, where a break is required to signal a short-term reversal.
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