Forex traders are looking forward to the first press conference by new ECB President Lagarde following the interest rate announcement. Expectations call for no change as the shadow of Draghi’s divided ECB is anticipated to linger. The EURJPY is waiting for the press conference inside its horizontal resistance area, how will this currency pair be impacted in the aftermath of Lagarde’s first post-ECB press conference? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Japanese machine orders posted a bigger-than-expected contraction and add to the growing amount of economic data pointing towards a much weaker global economy. The data pushed the EURJPY higher, but today’s ECB press conference is eagerly anticipated. Will bulls get enough to force a breakout in price action, or can bears step in and pressure for a reversal? Today’s fundamental analysis will take a look at price action in both directions.