Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.