Forex: EUR/JPY surges above 97.20 on yen slide

FXstreet.com (Buenos Aires) - Japanese yen is being sell across the board as general risk appetite along with next week BOJ meeting and the menace of more facilities, pushes investors to profit their short positions. While the reversal has been limited in USDJPY that so far reached 78.77 intraday high, the Nippon currency is strongly down against the Euro, as EURJPY advances above 97.20, nearing now 97.35 immediate resistance, as the pair stalled around that level the past 2 weeks.

"With the common currency firmer against most of its rivals, the EURJPY may find the strength to break above the area, and extend its gains towards next key level, the 98.20/30 area" according to Valeria Bednarik, FXStreet.com chief analyst, where she foresees the chance of a retracement if reached today. In her words "Strong selling interest may be seen if the pair reaches 98.20/30 static resistance level, with a retracement back towards 97.40 area. However, if this last stands, the upward is open for a break higher next week, with 100.00 then in focus."