Thu, Mar 23, 2023 @ 16:51 GMT
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EUR/JPY Bounces Off Critical Floor

The euro rallied after the ECB went ahead with a 50 bp rate hike as expected. On the daily chart, the pair has failed to secure a higher high. Instead, a sharp reversal below 141.70 caught rebound players off guard. The pair has found some rest over February’s low of 139.50 with the RSI recovering into the neutral area. However, the bounce could be temporary as it may be driven by short-covering. 143.00 is the immediate resistance and without fresh buying above 144.90 to take offers out, the bears would stay in control.

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