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EURJPY : Testing Key Support at 141.02

(EURJPY : 4 hour chart)

EURJPY today tried to break the resistance trend line of the descending triangle within which it is trading after the ECB decision of keeping the monetary policy unchanged. However it dragged back to the support of the triangle after the ECB president Draghi indicated that the bank might take some action in its next meeting in June and could implement some fresh measures. Draghi said that the ECB is comfortable in implementing some new measure to stop inflation going down but first it wants to review new economic projections by the council. 

There is a key support area around 141.03-140.97 breaking which the pair will give a bearish outlook and strengthen the chance of more losses to come.