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EURJPY

EUR/JPY had a brief look above recent cycle highs on Wednesday and printed its best levels since Oct 8, 2018. The rate extended its current winning streak to three days in a row.

  • EU health ministers held a meeting on the AstraZeneca vaccine, but failed to find a common position on the matter. Ministers had "different interpretations" of the EMA's report. Meanwhile, BBG sources noted that PM Draghi urged his peers to recommend the jab only for people over 60.
  • Per Reuters sources, Germany is set to enter negotiations with Russia to buy the Sputnik vaccine. Any deal will be contingent on the EMA's approval for the jab.
  • The pair trades at Y130.43 at typing. Bulls keep an eye on yesterday's high of Y130.69 and a break here would open up the upper 1.0% 10-DMA envelope at Y131.24. Bears see the 20-EMA at Y129.69 as their initial target and a breach of that level would expose Mar 30 low of Y129.13.
  • German factory orders & the minutes from the ECB's Mar MonPol meeting take focus in the EZ today.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com