Oil is testing support
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
EUR/JPY looks vulnerable
Information is not investment advice
EUR/JPY failed to settle above the 100-day MA. This line has a bearish bias and acts as resistance around 126.70. The weekly pivot point is also located near this area. As long as the pair is capped by this level, sellers will dominate at this market.
The ECB meeting scheduled later today will lead to an increase in volatility. There are reasons to think that the upcoming move will be to the downside. The bearish targets include a former resistance zone of 125.90 and 125.45 (Fibo level).
Elizabeth Belugina
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