Forex: EUR/JPY higher on stronger EUR and weaker Yen

By FXstreet.com | December 23, 2012 AAA

FXstreet.com (Barcelona) - A weakening Yen and a strengthening EUR is sending the EURJPY higher on the European Monday morning, Christmas Eve. The cross was already above the 111.00 handle in late Friday US session, but today's upside has taken the market to 111.59, for now.



LDP's no.2, Ishiba, called for a USDJPY exchange rate of 85/90 and Prime Minister-elect Abe said that the government will revise BoJ Law if the central bank doesn't change its inflation target to 2% at the January 21-22 meeting. Yen depreciation would likely send the EURJPY to higher levels.



UBS analysts are neutral: "The cross is under correction and today's buying will find resistance at 112.5", wrote analyst Gareth Berry, pointing to support at 110. 63.



You May Also Like

Related Forex Analysis
  1. Forex News

    EUR/USD Risk Triumvirate to Keep Volatility Elevated This Week

  2. Forex News

    Weekly Trading Forecast: Will Fed and Greek Elections Keep FX Volatility Boiling

  3. Forex News

    Bullish USD/JPY Outlook Vulnerable to Less-Hawkish Fed, Dismal US GDP

  4. Forex News

    Trading Video: EURUSD, EURJPY and EURGBP Ready for Greek Election

  5. Forex News

    Strategy Video: Euro Risks Are Not Extinguished by ECB Stimulus

Trading Center