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EURJPY Extends Strength Above 150.00, Highest Since 2008

FOREX
  • Moves in currency markets on Monday continue to be dominated by the Japanese Yen, comfortably the weakest performer in G10 since Friday’s BoJ Monetary Policy decision. With EURUSD recovering after a very brief blip below the 1.10 handle, EURJPY (+0.55%) is extending its recent rally above the 150.00 handle with that mark proving solid support in earlier trade.
  • Bear flattening in the US treasury curve is providing a positive backdrop for cross/yen and with it, EURJPY continues to register at the highest levels since 2008 after breaking above the 2014 highs last week.
  • Price action has confirmed a resumption of the technical uptrend and cancels recent short-term bearish threats. The move higher signals scope for a climb towards 151.00 and 152.00, the 1.382 Fibonacci projection of the Mar 20 - 21 - Apr 6 price swing. Moving average studies remain in a bull mode position, highlighting the uptrend.
  • Amid the UK/Europe bank holiday on Monday, US ISM manufacturing data is scheduled at 1500BST/100ET. The focus then inevitably turns to Wednesday’s FOMC decision and the ECB on Thursday.
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