In Wednesday’s session, the EUR/JPY consolidated Tuesday losses and traded in a narrow range after declining by 0.65% on Tuesday and clearing all Mon
EUR/JPY was seen in the 158.93 - 158.70 range, trading relatively quiet. Indicators exhibit signs of bullish exhaustion. Fundamentals may favour the JPY in the next sessions. In Wednesday’s session, the EUR/JPY consolidated Tuesday losses and traded in a narrow range after declining by 0.65% on Tuesday and clearingall Monday gains. At the beginning of the week, the cross jumped to a multi-yearhigh of 159.90, it highest level since 2008, but the buyers are struggling to hold that momentum.
However, on the broader scale, the pair is above the 20,100,200-day Simple Moving Average , highlighting the continued dominance of bulls. That being said, the JPY could get additional momentum as higher Japanese government bond yields amid monetary policy tweak speculations could act as a catalyst and revive the buying momentum. On Thursday, the European Central Bank announcesits monetary policy decisionwhich could also provide impetus to the pair. Support levels: 158.50, 158.00, 157.00.
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