Forex: EUR/JPY extends gains after ECB keeps rates unchanged

FXstreet.com (Córdoba) - The euro extended gains versus most competitors and printed a fresh 8-day high versus the yen after the European Central Bank decided to leave their interest rates unchanged, as expected.

EURJPY peaked at 115.75 in recent dealings and it is currently trading at the 115.65/70 zone, where it prints a 0.7% daily gain. Focus now turns to Mario Draghi's speech to follow at 13:30 GMT.

Valeria Bednarik, chief analyst at FXstreet.com notes that EURJPY has broken the topside of a triangle, which is a continuation figure, and now looks to retest recent highs around 116.00. "Once above, short term resistances come at 116.60 and 117.20 area, but gains beyond 116.00 will anticipate a continuation of the bullish trend", the analyst explains. "115.00 area is immediate support followed by 114.40 price zone. Base of the figure is around 113.30 and unless below that level, bearish movements will remain limited".