EUR/JPY: still on wait and see mode
|We’ve had quite a bit of volatility in the EUR and JPY crosses in the past few days, post French Elections and ahead of the ECB and BOJ rate decisions today. The EURJPY pair tested and confirmed above the daily Ichimoku cloud in the past few days, however with the important economic events today, we are still on wait and see mode. If the ECB’s Draghi hints at possible shifts in policies and forward guidance in June, then we might see the euro extend its rallies this week. But if he claims inflation is still too low, and fails to hint at tapering or tightening in the near-term, then we might see a bit of profit-taking across the major euro pairs. Also on the economic calendar today is the US Durable Goods Orders out 12:30 PM. Japan will have yet another event during the next day’s Asian session at 11:30 PM GMT, to release their National Consumer Price Index. Thanks for watching and I wish you the best of luck making pips by trading forex.
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