EURJPY:- Stubborn But Consistent, ECB Interest Rates Highlighted
EURJPY:- Trust in the process and have a little patience is the key to this pair, with both bullish and bearish scenarios available. A break above the resistance level of 130.270, and a daily closure past this point, would be the signal needed for the pair to have a deeper pull back and revisit 131.400 without any trouble.
Scenario B would be a continuation to the downside, all be it, with caution. Although this remains my favored bias with price stalling and rejecting the weekly mid-range of 130.000 on 3 separate occasions, I would like to see a break and closure below the previous days low, and price to form a bearish engulfing reversal candlestick, signifying that the Lower higher has been formed and the reversal continuation may occur.
We have a large number of European Fundamentals being released today with the main focus on the Interest Rate decision and the ECB Marginal Lending Facility at 12:45 pm. Followed by the ECB Press Conference at 13:30 pm, I expect increased volatility and sudden bursts of movement. Today's news will be the catalyst that determines the next bias direction decision.