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Forex: EUR/JPY capped below 127 ahead of ECB

EUR/JPY is currently at 126.48, down -0.61% from previous Asia-Pacific open yesterday, mostly on Euro weakness, as “Euro traders are taking profit ahead of the European Central Bank’s monetary policy meeting,” says Managing Director at BKAsset Management, Kathy Lien. Just released third consecutive Core machinery orders for Japan in the positive, at +2.8% on monthly basis, is putting some pressure on Yen longs, last at 93.43 USD/JPY near session lows.

“The close back below 127.00 in EUR/JPY,” says FXWW founder Sean Lee, “will have the bulls a little worried, but they remain totally in control. Volatility should remain high so look to trade a 124/127 range for now,” the analyst suggests. It is already more than 4 hours EUR/USD is inside a 10 pip trading range, ahead of key risk event later on in the form of ECB meeting at 12:45 GMT and press conference, along with the Ecofin.

Immediate support to the downside for EUR/JPY lies at yesterday's lows 125.90, followed by Tuesday's NY session lows at 125.72, and Friday's NY session lows at 124.82. To the upside, closest resistance shows at recent session highs 126.66, followed by Friday's highs at 126.97, and yesterday's fresh multi-year highs at 127.71.

Nikkei index just opens few points shy below the 11400 mark, down -0.57%.
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