EUR/JPY holds above 117.00 after ECB maintains status-quo

The EUR/JPY cross some renewed buying interest around 116.15 region, lifting the pair back above 117.00 handle. The pair continued holding its move above 117.00 handle after ECB left its monetary policy unchanged. 

On Thursday, ECB's governing council decided to keep its main rate and deposit rate unchanged at 0.0% and -0.4% respectively. The central bank also left its marginal lending facility rates unchanged at 0.25% and held its monthly QE target at €80 billion, which will run at least until March 2017.

In the last couple of week, the pair has gained as global risk appetite seems to have revived that dented the safe-haven appeal of the Japanese currency. Adding to this, promises from Japan's Prime Minister Shinzo Abe to introduce fresh round of fiscal measures continued weighing on the Japanese Yen and provided additional respite to the EUR/JPY cross. 

Next in focus would be the ECB press conference where further dovish comments by ECB President Mario Draghi would point to more aggressive stimulus measure, which would eventually heighten volatility in the EUR/JPY cross.

Technical levels to watch

On the immediate upside, 117.70-75 region is expected to provide immediate resistance, above which the pair could aim towards 50-day SMA resistance near 118.55-60 region. Meanwhile on the downside, sustained weakness back below 116.50 immediate support seems to drag the pair immediately towards 115.80 before dropping further towards its next major support near 114.50 area.