Euro Trade Setups Ahead Of ECB Decision EUR/USD, EUR/GBP And EUR/JPY

(MENAFN- DailyFX) tups Ahead of ECB Decision – EUR/USD, EUR/GBP and EUR/JPY Skip to Conten News & Analysis at your fingertips.

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Change in Longs Shorts OI
Daily -8% 0% -5%
Weekly -19% 27% -8%
What does it mean for price action? Get My Guide

The Japanese Yen remains under the influence of the Bank of Japan and the Ministry of Finance for now as traders monitor language from the two official institutions. In contrast to the ECB, traders are looking for any hints as to when the Bank of Japan will begin to raise rates after keeping them at ultra-low levels for years.

Japanese Yen Grabs a Bid, Emboldened by Bank of Japan Talk

EUR/JPY will also be under the Euro's influence next week and the outlook looks choppy for the pair. The recent run higher from the February 7th low looks broken and the 20-day sma at 161.70 looks vulnerable. Below here, the 161 zone comes into focus ahead of the 50-day sma and big support around 160.00. The February 26th high at 163.72 should cap any break higher.

EUR/JPY Daily Price Chart

All Charts via TradingView

What is your view on the EURO – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .


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