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EUR/JPY Outlook (10 March 2022)

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Overall, EUR/JPY is trending downwards. Recently, EUR/JPY broke the resistance zone of 127.500.

The European Central Bank (ECB) will be announcing their monetary policy decision later at 2045 (GMT+8). The central bank is expected to keep monetary policy unchanged while announcing that bond-buying under the Pandemic Emergency Purchase Programme will end this month and bond-buying under the Asset Purchase Programme (APP) will increase. The ECB may also highlight that the recent Russia-Ukraine war has added a high level of uncertainty into the economy. Hence, bond-buying under the APP may be reduced at a slower rate than the previously announced €10billion.
A press conference will also be held at 2130 (GMT+8). During this time, volatility is expected in EUR.

EUR/JPY’s next support zone is at 127.500 and the next resistance zone is at 128.500.
Look for short-term buying opportunities of EUR/JPY.

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