EUR/JPY Outlook (22 July 2021)
ByJin Dao Tai
JUL 22, 2021
Overall, EUR/JPY is trending downwards. Recently, EUR/JPY trended into the resistance zone of 130.000.
The European Central Bank (ECB) will be announcing its monetary policy decision later at 1945 (GMT+8). It is likely that the central bank will keep monetary policy unchanged. The ECB is likely going to focus on addressing the adoption of its new inflation target policy. Pay attention to any mentioning of how the new policy will benefit the economy.
A press conference will also be held at 2030 (GMT+8). During this time, volatility is expected in EUR.
Currently, EUR/JPY is testing the resistance zone of 130.000 and the next support zone is at 128.500.
If the ECB sends out an optimistic tone on how the new policy will be beneficial, look for short-term buying opportunities of EUR/JPY if it breaks the resistance zone of 130.000.
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