EURJPY SHORT

EUR/JPY holds the weekly gains ahead of the ECB decision. Although the currency pair rebounded this week, the overall market has not yet reached a consensus on its direction. While heavy overhead supply remains stacked at 186.00/30, capping upside attempts.

Key Indicators

• Buyers are attempting to extend the rebound, but the recovery is facing selling pressure at the 50-day SMA.

• Supported by a downward-sloping moving average.

Fundamental Context

EURJPY bounced back to near 185.60. The rebound could also be linked to the market’s anxiety ahead of the key events scheduled for publishing. However, the short-term price movements are currently showing a lack of clear direction.