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Extending Pullback From Nov 9 High

EURJPY

EUR/JPY has shed 31 pips so far, as the yen has drawn support from the broader defensive feel. The rate has extended its move away from Monday's peak into the fourth consecutive day of losses. The rate trades at Y123.81 as we type.

  • Poland has joined Hungary in threatening to veto the European Union's budget over the attempt to make the disbursement of funds conditional on the adherence to democratic standards and rule of law.
  • Following the bearish crossover of the 50-DMA under the 100-DMA, downside focus falls on Nov 9 low of Y122.69. Conversely, a jump above Nov 11 high of Y124.68 would allow bulls to set their sights on Nov 9 high of Y125.13.
  • Focus turns to EZ trade balance and flash GDP, final French and Spanish CPIs take focus today, as well as comments from ECB's Rehn, de Cos and Weidmann.
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