Forex: EUR/JPY gently bid above 101.00, likely on Greece

FXstreet.com (San Francisco) - A 38.2% Fibonacci retracement level of the rally from 94.10 to 104.57 is supporting EURJPY after last week's sharp fall below the 101.00 figure; intraday price action set a new 4-week low and found a base at 100.40 on Friday, and spot now trades quietly around the mentioned figure as Asia opens.

At the time of writing, the author observes broad EUR buying interest, sending EURJPY to an intraday high of 101.16. This is likely driven by EUR-positive news out of the euro zone that, after passing the 2013 budget bill, Greece has successfully secured the entire EUR 31.5 billion tranche of bailout funds 'in time', says Greek Finance Minister Stournaras.

On the other side of the exchange, "The Yen may come under some pressure early in the week [ahead] on speculative plays ahead of a BOJ speech, but with liquidity starting to dwindle, players will probably become more cautious," notes Sean Lee, founder of FXWW.

Asian shares are likely to trade with a slight positive bias today after Wall Street ended mixed but mostly higher on Friday. Regional stocks may also find support in China's wider-than-expected trade surplus for October reported over the weekend.

EURJPY now exchanges 101.15.