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FOREX: EURJPY at Fresh Session Highs, Rises 1.12%

FOREX
BulletMarketsForeign Exchange Bullets
  • Higher yields in the aftermath of the US data are continuing to underpin the theme of renewed JPY weakness overnight. Together with a moderate lift of the lows for the single currency, EURJPY has printed fresh session highs ~159.80 in recent trade, extending the recovery from Monday’s lows to 2.70%.
  • While we have noted that the move higher is allowing a recent oversold condition to unwind, the significant reversal and fundamental developments will likely be exerting significant pressure on bearish positions.
  • Technically, the latest recovery is likely a correction and initial resistance to watch is 159.93, the 20-day EMA. Key short-term resistance remains further out at 161.09, the 50-day EMA, a break of which would highlight a stronger reversal.
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  • Higher yields in the aftermath of the US data are continuing to underpin the theme of renewed JPY weakness overnight. Together with a moderate lift of the lows for the single currency, EURJPY has printed fresh session highs ~159.80 in recent trade, extending the recovery from Monday’s lows to 2.70%.
  • While we have noted that the move higher is allowing a recent oversold condition to unwind, the significant reversal and fundamental developments will likely be exerting significant pressure on bearish positions.
  • Technically, the latest recovery is likely a correction and initial resistance to watch is 159.93, the 20-day EMA. Key short-term resistance remains further out at 161.09, the 50-day EMA, a break of which would highlight a stronger reversal.