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EUR/JPY Capped By Key Resistance

The euro weakened after the ECB maintained its accommodative monetary stance.

The pair has so far kept its bullish bias following a rally above April 2018’s high at 133.48. The price action has bounced off 132.90, the base of a previous rally which also coincides with the 20-day moving average on the daily chart.

133.80 is a major resistance, as its breach could clear the path for an extended rally above 134.

However, a drop below the aforementioned congestion area may prolong the sideways actions towards 132.50.

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