• 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)