GBP/JPY pulls back after Draghi

FXStreet The EUR/JPY currency pair maintained its gains from the early trading, do not successfully defend, and turned again to the South in the direction of the lower end of the trading range.

The Couple listed recently on 124,31 and to 0.14 per cent in the Minus. The cause of this is a speech by ECB President Mario Draghi before the economic and monetary Affairs Committee (ECON) of the European Parliament in Brussels, where he stressed that overall inflation remains subdued and the domestic wages had not yet strengthened sufficiently, so that the HICP is increasing in the direction of the medium-term target value.

Draghi stressed in terms of the inflation Outlook, it is still too early for a change in the monetary policy. As a result, the Euro had to accept slight price reductions.

This is supported in conjunction with a mild risk aversion around the European stock markets, the Japanese Yen, and contributed to the decline in the EUR/JPY currency pair.

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Technical Levels

The next support levels, which could initiate a counter-movement, are 124,15/10, 123,65, 123,00 and 122,55.

A break of the resistance at 124,50 could give the Euro again swing. At 125,00 (psychological mark), 125,35 and 125,80 (Multi-month High), then the next technical resistance obstacles.

** FXStreet News Editorial, FXStreet**

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