EUR/JPY up to the 4hr 200 sma post ECB

EUR/JPY is consolidating the upside where the cross rallied from the 200 sma on the 1hr chart on the back of the ECB and the euros eventual demand.

The cross has extended the recovery from the 122 handle and burst through the end of last month’s resistance at 125.00 as markets reprice the forward outlook on interest rate differentials, given Draghi’s announcements in the presser post ECB decision where they actioned more adjustments to stimulate growth than the market had anticipated.

EUR/USD rallies on ECB interest rate limitation – ANZ

ECB made bigger changes than expected – Westpac

EUR/JPY levels

EUR/JPY was in the process of making a full recovery of mid Feb’s downtrend from 128.20 before the bulls ran out of steam at the 4hr 126.84 level today.

EUR/JPY: targets 100 dma – FXStreet

“In the daily chart, the 100 DMA stands at 129.30, and while the level may change, as we are talking about a dynamic indicator, the market may well push the price up to it over the upcoming sessions,” noted Valeria Bednarik, chief analyst at FXStreet earlier.

EUR/JPY is consolidating the upside where the cross rallied from the 200 sma on the 1hr chart on the back of the ECB and the euros eventual demand.

(Market News Provided by FXstreet)