ECB is more likely than ever to be gearing up for an attempt to bring more relief to European credit markets at tomorrow’s ECB meeting. Among JPY crosses, the focus so far is on USDJPY, and for good reason, as 100.00 has given way there. But tomorrow, EURJPY could steal the focus on an aggressive ECB move. The chart has been ugly over the last few days as momentum is running out on the weekly and long ago ran out and picked up pace to the downside on the daily. If the pair breaks lower tomorrow, one of the first downside objectives/support levels will be the daily Ichimoku cloud level, which currently comes in just below 127.00. Stay tuned.
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