Forex: EUR/JPY rallies to 97.70 high
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EUR/JPY
FXstreet.com (Barcelona) - Held at 97.10/20 support during the European morning, the EURJPY first rose to 97.30/40 and then jumped off to 97.70 high on EUR strength due to disappointing US jobless claims and declining yields in Spanish 10-year bonds.
Initial claims in the US rose from 364K to 366K in the week ending at August 11, while continuing claims dropped less than expected from 3.336M to 3.3305M in August 4 week. Spanish 10-year yields are at one-month low, at 6.575%.
"While EURJPY remains below 97.96, the one month support line at 96.15 and then the 95.59 June low as well as the current August low at 94.93 will stay in focus", wrote Commerzbank analyst Axel Rudolph.
Initial claims in the US rose from 364K to 366K in the week ending at August 11, while continuing claims dropped less than expected from 3.336M to 3.3305M in August 4 week. Spanish 10-year yields are at one-month low, at 6.575%.
"While EURJPY remains below 97.96, the one month support line at 96.15 and then the 95.59 June low as well as the current August low at 94.93 will stay in focus", wrote Commerzbank analyst Axel Rudolph.
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