Forex: EUR/JPY run reaches 106.00; EMU PMI next
Forex pairs in this Article »
EUR/JPY
FXstreet.com (Barcelona) - The EURJPY is acting strong since November 13, rallying from 100.33 low, fully retracing November losses back to the October high at 104.57, and breaching through 105.00 yesterday and 106.00 in today's Asian morning.
The cross reached as high as 106.27, but profit taking pulled the price to 105.72 a few hours later. At the moment of writing, the EURJPY is back at 106.00 to test the line as resistance as Markit manufacturing PMI figures get released. The French preliminary number for November rose from 43.7 to 44.7, beating consensus of 44.0. Services PMI improved from 44.6 to 46.1, above the expected 45.0.
UBS analysts are bullish on the EURJPY, but are cautious: "The recent aggressive rally suggests scope for a setback in the near-term", wrote analyst Geoffrey Yu, pointing to important support at 103.99 and significant resistance is at 107.03.
The cross reached as high as 106.27, but profit taking pulled the price to 105.72 a few hours later. At the moment of writing, the EURJPY is back at 106.00 to test the line as resistance as Markit manufacturing PMI figures get released. The French preliminary number for November rose from 43.7 to 44.7, beating consensus of 44.0. Services PMI improved from 44.6 to 46.1, above the expected 45.0.
UBS analysts are bullish on the EURJPY, but are cautious: "The recent aggressive rally suggests scope for a setback in the near-term", wrote analyst Geoffrey Yu, pointing to important support at 103.99 and significant resistance is at 107.03.
Free Annual Reports
