FxWirePro: EUR/JPY grinds higher, expectations of hawkish guidance from Lagarde keeps euro bid

Chart - Courtesy Trading View 

EUR/JPY was trading 0.14% higher on the day at 145.27 at around 13:00 GMT.

The pair has resumed bullish bias after price action confirmed 'Symmetric Triangle' breakout last week.

Common currency remains bid as markets expect hawkish guidance from European Central Bank (ECB) President Christine Lagarde speech which is scheduled for Wednesday.

After a less-than-anticipated fall in the Eurozone’s inflation, Lagarde has already announced that the central bank will push rates further by 50 bps in its March monetary policy meeting. 

Technical indicators support upside in the pair. GMMA indicator shows major and minor trend are bullish.

Volatility is high and rising and momentum is bullish. MACD and ADX support upside in the pair. 

Support levels:

S1: 144.97 (5-DMA)

S2: 143.54 (21-EMA)

Resistance levels:

R1: 145.56 (Mar 2nd high)

R2: 146.14 (Upper BB)

Summary: EUR/JPY poised for further upside. The pair is on track to refresh yearly high above 146 level.