Forex: EUR/JPY falls on profit taking of Yen selloff
FXstreet.com (Barcelona) - Month end flows are retracing some of the upside seen in recent days. In the EURUSD chart, the market has erased all weekly gains, while the EURJPY is only threatening yesterday's move. Profit taking of the Yen selloff allowed the decline from 114.60 to 113.30 low during the European morning.
Headlines from Japan continue to be "juicy". Today, finance minister Aso defended FX intervention against yen speculation and wants to reach an agreement with the BoJ in regard to the inflation target before the January 21-22 meeting.
UBS analysts are neutral: "The strong bullish momentum will face strong resistance at 115.00", said Gareth Berry, pointing to 117.90 in case of a break above while the downside should be limited to support at 110.63.
Headlines from Japan continue to be "juicy". Today, finance minister Aso defended FX intervention against yen speculation and wants to reach an agreement with the BoJ in regard to the inflation target before the January 21-22 meeting.
UBS analysts are neutral: "The strong bullish momentum will face strong resistance at 115.00", said Gareth Berry, pointing to 117.90 in case of a break above while the downside should be limited to support at 110.63.
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