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15 Apr 2015
EUR/JPY unable to hold above 127.00
FXStreet (Córdoba) - The euro rose momentarily after the European Central Bank meeting and after Draghi’s press conference but then erased gains. EUR/JPY initially climbed to 127.30/35 and the dropped back to 126.40.
Up and down after Draghi
The pair pulled back below 127.00 and accelerated to the downside, breaking below previous lows and printed a fresh daily low at 126.27. Price holds under 126.70, near yesterday's lows that lie slightly above 126.00.
EUR/JPY technical outlook
The pair still has a bearish bias and remains under pressure after breaking below March lows (126.90). On Tuesday EUR/JPY bounced to the upside and climbed from 126.07 to 127.62 but it was unable to rise above Monday’s highs and pulled back. Today it is showing signals of consolidation as it holds within yesterday’s price range.
Up and down after Draghi
The pair pulled back below 127.00 and accelerated to the downside, breaking below previous lows and printed a fresh daily low at 126.27. Price holds under 126.70, near yesterday's lows that lie slightly above 126.00.
EUR/JPY technical outlook
The pair still has a bearish bias and remains under pressure after breaking below March lows (126.90). On Tuesday EUR/JPY bounced to the upside and climbed from 126.07 to 127.62 but it was unable to rise above Monday’s highs and pulled back. Today it is showing signals of consolidation as it holds within yesterday’s price range.