Forex: EUR/JPY surges to 8-month highs on Nishimura statement
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EUR/JPY
FXstreet.com (San Francisco) - EURJPY has rallied to new session highs in the Asia-Pacific this Wednesday, lifted by JPY-negative comments from the Bank of Japan's Nishimura, saying that the bank intends to pursue powerful monetary easing to help limit more yen appreciation. He also said that global economic uncertainties are not insignificant, and that CPI inflation will approach 1% throughout 2013.
Speaking in Niigata, Japan, Nishimura stated: "The BOJ is determined to pursue its aggressive monetary easing, making full use of its new policy measures, to achieve its price stability goal for the time being."
At the time of writing, the pair has broken above the 107.65 resistance area to climb as high as 107.80, a price not seen since April 20. A break above immediate resistance at 107.95 would then target 50% Fibonacci resistance at 108.65. The downside offers support at 107.40 (intraday) and 107.10 (Nov 26 high).
Chinese equities have just shot higher (+2%), and the Hang Sen 40 now quoted up 242.03 points, or 1% to 22,042.00.
Speaking in Niigata, Japan, Nishimura stated: "The BOJ is determined to pursue its aggressive monetary easing, making full use of its new policy measures, to achieve its price stability goal for the time being."
At the time of writing, the pair has broken above the 107.65 resistance area to climb as high as 107.80, a price not seen since April 20. A break above immediate resistance at 107.95 would then target 50% Fibonacci resistance at 108.65. The downside offers support at 107.40 (intraday) and 107.10 (Nov 26 high).
Chinese equities have just shot higher (+2%), and the Hang Sen 40 now quoted up 242.03 points, or 1% to 22,042.00.
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