EUR/JPY extends monthly resistance break above 128.00 ahead of ECB
EUR/JPY challenges the one-month-old downtrend around weekly high, sidelined of late.
Euro bulls expected ECB to utter plans to battle stagflation fears even as monetary policy isnât expected to change.
Nikkei 225 posts biggest jump in 19 months amid hopes of overcoming Russia-Ukraine crisis.
ECB, Kyiv-Moscow talks join US CPI for February to entertain momentum traders.
EUR/JPY grinds higher around weekly top, up 0.11% intraday near 128.35 heading into Thursdayâs European session.
In doing so, the cross-currency pair rises for the third consecutive day while keeping the previous dayâs upside break of a one-month-old descending resistance line, now support.
Also underpinning the bullish bias is the marketâs cautious optimism over the Russia-Ukraine peace talks, as well as hopes that the European Central Bank (ECB) will sound hawkish alarms even if the benchmark rate and bond purchases are likely to remain unchanged.
Risk appetite improved as Ukraineâs retreat from NATO joined readiness to compromise on certain goals, if Russia does the same hinted an immediate solution to the grim conditions in Kyiv. Though, Moscowâs rejection to concede anything joins the West versus Moscow tussles, via Kyiv, to weigh on the mood of late.
Even so, a stellar rally by Japanâs Nikkei 225, the biggest daily jump since June 2020, joins easy US Treasury yields to weigh on the yenâs safe-haven demand. Elsewhere, stock futures in the US and Europe fail to track Wall Street gain amid anxiety over the key issues.
That said, diplomats from Ukraine and Russia will meet in Turkey on Thursday. Given the recently increasing hopes of a diplomatic solution, a disappointment will have higher chances of roiling the EUR/JPY uptrend. Also, the ECB is likely to utter hawkish words as it battles fears of stagflation, which in turn highlights the monetary policy decision despite the unexpected change in the key measures.
It should be noted that the monthly prints of the US Consumer Price Index (CPI) for February, likely rising to 7.9% from 7.5% prior, will also act as an important catalyst.
All in all, Thursday is set to become another active day for the global markets, not just for EUR/JPY.
EUR/JPY challenges the one-month-old downtrend around weekly high, sidelined of late.
Euro bulls expected ECB to utter plans to battle stagflation fears even as monetary policy isnât expected to change.
Nikkei 225 posts biggest jump in 19 months amid hopes of overcoming Russia-Ukraine crisis.
ECB, Kyiv-Moscow talks join US CPI for February to entertain momentum traders.
EUR/JPY grinds higher around weekly top, up 0.11% intraday near 128.35 heading into Thursdayâs European session.
In doing so, the cross-currency pair rises for the third consecutive day while keeping the previous dayâs upside break of a one-month-old descending resistance line, now support.
Also underpinning the bullish bias is the marketâs cautious optimism over the Russia-Ukraine peace talks, as well as hopes that the European Central Bank (ECB) will sound hawkish alarms even if the benchmark rate and bond purchases are likely to remain unchanged.
Risk appetite improved as Ukraineâs retreat from NATO joined readiness to compromise on certain goals, if Russia does the same hinted an immediate solution to the grim conditions in Kyiv. Though, Moscowâs rejection to concede anything joins the West versus Moscow tussles, via Kyiv, to weigh on the mood of late.
Even so, a stellar rally by Japanâs Nikkei 225, the biggest daily jump since June 2020, joins easy US Treasury yields to weigh on the yenâs safe-haven demand. Elsewhere, stock futures in the US and Europe fail to track Wall Street gain amid anxiety over the key issues.
That said, diplomats from Ukraine and Russia will meet in Turkey on Thursday. Given the recently increasing hopes of a diplomatic solution, a disappointment will have higher chances of roiling the EUR/JPY uptrend. Also, the ECB is likely to utter hawkish words as it battles fears of stagflation, which in turn highlights the monetary policy decision despite the unexpected change in the key measures.
It should be noted that the monthly prints of the US Consumer Price Index (CPI) for February, likely rising to 7.9% from 7.5% prior, will also act as an important catalyst.
All in all, Thursday is set to become another active day for the global markets, not just for EUR/JPY.
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