EUR/JPY plummets due to ECB program

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The initial higher than expected ECB rate hike caused a surge of the EUR/JPY. However, afterwards the world read the statement and found out that a new easing program is in the works by the central bank. Namely, the central bank is expected to create more supply of the Euro via purchasing government bonds. The news caused a plummeting of the Euro against peer currencies.

At mid-day on Friday, the EUR/JPY was already approaching the 139.00 mark. Further below take into account the support of the weekly simple pivot point at 138.86, the 138.50 and 138.00 levels.

Meanwhile, a recovery of the Euro against the Yen is expected to encounter resistance in the 139.50, 140.00 and the weekly R1 simple pivot point at 140.69. In the meantime, note that for some unclear reason the pair has been ignoring the 50 and 200-hour simple moving averages.
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