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EUR/JPY breaks key level after Draghi’s latest verbal assault on euro

Updated -  May 8, 2014 11:10:00 AM By Fawad Razaqzada

Once Mario Draghi’s press conference got underway today, the euro came under intense pressure across the board. The ECB chief, worried about the higher euro and low levels of inflation in the single currency bloc, hinted at the prospects of some unconventional monetary policy at the next rate meeting. For more details please read my colleague Kathleen Brooks’ article here.

One particular currency pair that suffered heavily was the EUR/JPY which has plunged by more than 150 pips from a high of 142.35 to a current low of 140.80. In the process, it has taken out several technical levels including the 50 and 100 moving averages which had offered decent support over the past several days. It looks like the cross has finally broken a bullish trend line too, potentially paving the way for more losses over the coming days. The next immediate downside is likely to be support and the psychological 140.00 mark. And if that level is broken, then it is anyone’s guess how far the pair could fall, but it is worth watching the Fibonacci levels as per the daily chart, below. On the upside, the EUR/JPY would really need to post a daily close above the 142.00 handle before we potentially see the return of the buyers. The odds of that however look slim as things stand.

Figure 1:


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