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Jan 30 - 10:55 PM

EUR/JPY - Off After ECB's Dovish Rate Cuts, 158.74/78 Eyed

By Haruya Ida  —  Jan 30 - 10:02 PM

• EUR/JPY 161.79 to 160.22 yesterday after ECB's dovish rate cuts

• Depo, refi and MLF rates cut 25 bps to 2.75%, 2.90% and 3.15%, respectively

• More cuts seen on table too, likely to keep EUR under pressure

• EUR/JPY off another small leg to 159.94-160.40 EBS range in Asia

• Market looking to test 159.74/78 triple bottom January 17/16/December 13

• Quadruple bottom if 159.85 low on December 18 included

• Multiple daily lows below to 156.19 low seen on December 3

• Hourly chart resistance from Ichimoku tenkan at 160.46, kijun 160.59

• 55/100/200-HMAs above at 161.32/84/162.09, aligning for more downside moves

• See , ,

• Related comment , also , for more click on [FXBUZ]

EUR/JPY daily:


EUR/JPY hourly:


(Haruya Ida is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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