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EUR/JPY - Clocks 10-day, bullish falling channel breakout

ECB President Draghi kept mum on the exchange rate, thus forcing the EUR bears to ditch their shorts. EUR/JPY witnessed a bullish falling channel breakout and jumped to a 10-day high of 130.40. 


ECB minutes released on August 17 had revealed concerns among policymakers over Euro strength. Since then the speculation had gathered pace that ECB President Draghi would attempt EUR jawboning at the Jackson Hole Symposium. 


However, Draghi’s silence means the central bank is comfortable with the EUR strength and in letting the market have its way with the exchange rate.  Consequently, the EUR is well bid across the board. 


EUR/JPY Technical Levels


Currently, the cross trades around 130.30. A break above 130.40 [Aug 16 high] would expose 131.40 [Aug 2 high + rising trend line hurdle]. On the downside, breach of support at 130.00 [psychological level] would open doors for a re-test of 4-hour 50-MA stationed at 129.00 levels. 



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