EUR/JPY gains on ECB decision

EUR/JPY pair is on an upside track, as the European Central Bank announced that the key interest rate is cut to a record low. The price sharply increases through the weekly pivot point at 128.47 and the 20-day SMA at 128.81. Taking into consideration how important is this decision, investors most probably will keep high volatility in pairs with the common European currency. Upside run might be stopped by the weekly R1 at 129.80 or even only at the upper Bollinger band at 130.93.

SWFX marketplace participants are not supportive of the current movement, as 56% of opened positions are short, indicating expectations that the exchange rate will drop in the near future. Pending order market is bullish, since 66% of placed orders are to buy the Euro.