0535 GMT - EUR/JPY looks ready to rise despite an expected rate cut by the ECB later in the day, Matt Simpson, market analyst at Forex.com and City Index, says in a commentary. The ECB may not commit to further cuts, as recent mixed data from Europe suggest the central bank will remain data-dependent and weigh rate cuts on a per-meeting basis, Simpson says. If the ECB disappoints EUR bears later, EUR/JPY's bullish structure will look appealing, Simpson says. EUR/JPY's bias on the one-hour chart is to dip to the 20-day exponential moving average, now at 169.14, on expectations of a rise to 170.00, Simpson adds. EUR/JPY is little changed at 169.66. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
June 06, 2024 01:35 ET (05:35 GMT)
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