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

By FXstreet.com | December 24, 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.



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center