EUR/JPY Price Analysis: Volatility contracts ahead of ECB policy EURJPY ECB ChartPatterns Volatility SupportResistance
Harmonized Index of Consumer Prices softened to 8.5% from the consensus of 9.0% due to easing energy prices. However, the ECB is expected to continue to remain hawkish as the road to price stability is far from over.to continue to sound very hawkish and signal that further rate hikes are coming, particularly giving guidance for another 50bps hike in March.pattern on an hourly scale, which indicates a contraction in volatility.
The 20-period Exponential Moving Average at 141.40 is overlapping the EUR/JPY price, which indicates a consolidation ahead. Also, the Relative Strength Index is still oscillating in the 40.00-60.00 range, which signifies an absence of a potential trigger. For an upside move, the cross needs to surpass January 25 high at 142.29, which will drive the asset toward January 11 high at 142.61 followed by October 24 low at 143.72.
On the flip side, a break below January 25 low around 140.76 will be a breakdown of the chart pattern, which will drag the asset towards January 5 low at 140.14. A slippage below the same will expose the cross for more downside toward January 17 high at 139.62.
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