Overall, EUR/JPY is trending upwards.
The European Central Bank (ECB) will be announcing its monetary policy decision later at 1945 (GMT+8). It is expected that the central bank will be holding policy unchanged. During the previous meeting, the ECB highlighted that it is expecting quantitative easing under the Pandemic Emergency Purchase Programme (PEPP) to increase in the upcoming months. Thus, pay attention to whether the central bank is still planning to carry on with the increase since the COVID situation since the previous meeting has improved.
A press conference will also be held at 2030 (GMT+8). During this time, volatility is expected in EUR.
EUR/JPY’s next support zone is at 132.800 and the next resistance zone is at 134.300.
Look for short-term buying opportunities of EUR/JPY.
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