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Forex pairs in this Article » USD/JPY (Bali) - Ahead of the ECB monetary policy announcement, the EUR/JPY drifted to losses for a second consecutive day, closing around 139.00 after a vigorous bounce of weekly lows at 138.40.

Nikkei 225 to lead Yen crosses

The latest bounce in the EUR/JPY came as the S&P 500 saw most of its losses being pared late in the session, causing a decent bounce on all Yen crosses. Presently, the Yen is looking to set its next direction looking for clues out of the Nikkei 225, flat at the time of typing this lines vs -0.35% open.

EUR/JPY technical point to short term correction

Technically, "the hourly chart shows price bouncing back from its 200 SMA albeit maintaining a bearish tone" notes Valeria Bednarik, Chief Analyst at In the 4 hours chart, Bednarik thinks it reinforces the case "for a downward continuation, with price reaching lower lows after topping at 140.00 and indicators heading lower in negative territory", she said.
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