Forex: EUR/JPY erasing weekly gains

By FXstreet.com | February 14, 2013 AAA

FXstreet.com (Barcelona) - The EURJPY continues extending lower as the European session unfolds and the market digests wider than expected recession figures in Europe and the ECB's availability to discuss the option of negative interest rates as monetary policy.



The cross is currently down by -0.92%, quoting at 124.50, below yesterday's low of 124.78. In the weekly frame, the market is erasing gains made to as high as 126.94 and getting increasingly closer to the opening of 123.92.



UBS analysts are bullish "The major support is at 122.38. While this holds, there is scope for resumption of strength", wrote analyst Gareth Berry and Geoffrey Yu, pointing to resistance at 127.92 ahead of 132.05.



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