#EURJPY @ 140.015 pressured over the ECB event. (Pivot Orderbook analysis)

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• EUR/JPY pressured over the ECB event.
• ECB´s Laggard is speaking to the press following the 50 bp rate hike.

The pair currently trades last at 140.015.

The previous day high was 144.96 while the previous day low was 139.48. The daily 38.2% Fib levels comes at 141.58, expected to provide resistance. Similarly, the daily 61.8% fib level is at 142.87, expected to provide resistance.

EUR/JPY is under pressure, down by some 0.7% as the Euro sells off due to the rate hike by 50bps today by the European Central Bank, taking the deposit rate to 3.00%.

The ECB also highlighted that it will regularly assess how TLTROs are affecting its monetary policy stance. ´´The bottom line here is that the Governing Council remains highly concerned about inflation: the first sentence of the release is “Inflation is projected to remain too high for too long”. This does not sound like an ECB that wants to stop hiking rates yet, but the statement does fairly reflect the heightened uncertainty going forward,´´ analysts at TD Securities said.

Meanwhile, markets are now pricing the terminal rate at 3% and the Euro is under pressure.

Markets are now tuned in to the ECB Governing Council Press Conference:

ECB President Christine Lagarde explains the Governing Council’s monetary policy decisions and is taking questions from journalists at the Governing Council press conference.

The key here is how the governor is guiding the markets in terms of the path of rate hikes given the lack of substance in the statement.

Technical Levels: Supports and Resistances

EURJPY currently trading at 140.38 at the time of writing. Pair opened at 141.1 and is trading with a change of -0.51 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 143.83, 50 SMA 142.13, 100 SMA @ 142.96 and 200 SMA @ 141.81.

The previous day high was 144.96 while the previous day low was 139.48. The daily 38.2% Fib levels comes at 141.58, expected to provide resistance. Similarly, the daily 61.8% fib level is at 142.87, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 138.74, 136.37, 133.25
• Pivot resistance is noted at 144.22, 147.33, 149.7

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