Back

EUR/JPY drops below 127.00, JPY buying continues

Japanese Yen continues to march ahead, pushing the EUR/JPY cross to a daily low of 126.87 levels in early Europe.

Cross down 300-pips in two days

The cross traded at 130 levels yesterday before the selling resumed. Talk of BOJ intervention yesterday failed to put a floor under the cross. Consequently, a fresh sell-off has taken the pair below 127.00 levels today.

The major European index futures are trading moderately lower and that is keeping the bid tone around JPY intact. A corrective rally cannot be ruled out if the European stocks turn higher later today.

EUR/JPY Technical Levels

The immediate resistance is seen at 127.42 (Jan 22 low), above which the cross could target 128.56 (Jan 19 high). On the other hand, a break below 126.78 (Jan 7 low) would expose 126.16 (Jan 21 low).

Relative appeal of USD still holds despite policy divergence - MUFG

Lee Hardman, Currency Analyst at MUFG, suggests that the relative appeal of USD still holds despite more cautious rate stance with G3 monetary policy divergence.
อ่านเพิ่มเติม Previous

Euro area GDP to increase to 0.3% q-o-q in Q4 - Nomura

David Wagner, Research Analyst at Nomura, expects Euro area GDP flash reading to increase to 0.3% q-o-q in Q4, an unchanged pace from Q3 but slightly lower than the 0.4% in Q2.
อ่านเพิ่มเติม Next