EUR/JPY: Euro jumps off lows as Draghi’s speech is postponed
- The EUR/JPY is trading little changed ahead of Draghi’s speech.
- Comments from BoJ Governor Kuroda short-lived in Asia.
The EUR/JPY is trading up 0.1% at around 131.55 after falling as low as 131.07 earlier in Asia. London session saw buyers took control and to drive the market back up.
The Bank of Japan Governor Kuroda said earlier during the Asian session that the BoJ would continue powerful easing but the market seems to dismiss the information as the Yen has actually appreciated versus the Euro after the news.
The ECB president Mario Draghi will be giving his testimony on monetary policy and the inflation outlook before the European Parliament Economic and Monetary Affairs Committee. The speech has been postponed by some 40 minutes with the ECB president now scheduled to start at 14:40 GMT. In previous communications, Draghi has stated that he would prepare the market for any changes concerning the end of bond buying. As result investors will be on the lookout for further hints regarding the timing of such policy.
Key support is for EUR/JPY is the round big figure and cyclical low of 131.00. On the downside, the next support level is 130.50 psychological level.
Resistance is seen at 132.00 and 132.50 key figures.
The EUR/JPY 1-hour chart
