EUR/JPY keeps gains despite President Trump's impeachment
- Trump impeachment news has so far failed to destabilize markets.
- Yen is struggling to draw bids and the EUR/JPY pair is reporting gains.
- President Trump is expected to survive in the Senate.
The US House of Representatives has impeached President Trump, but EUR/JPY is showing no signs of stress.
The currency pair continues to trade in green at 121.88, having hit a low of 121.69 about four hours ago.
The House impeached Trump for abuse of power a few minutes before press time and is expected to pass a second article on Wednesday charging Mr. Trump with obstructing Congress.
While the House has voted to impeach, the Senate or the upper house is expected to dismiss the articles of impeachment.
Put simply, the odds of Trump leaving Presidency are very low. As a result, markets are barely moving on Trump's impeachment news.
The futures on the S&P 500 are flatlined and so is gold, a haven asset.
EUR/JPY is better bid at press time, but from the technical perspective, the path of least resistance is to the downside. The pair fell 0.27% on Wednesday, validating Tuesday's classic Doji candle and confirming a bearish reversal.
Technical levels