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Rangebound

EURO-YEN

EUR/JPY has held a vary tight range in Asia-Pac hours, with JPY flows driving the generally anaemic price action. Modest demand for the yen into the Tokyo fix allowed the rate to print a session low at Y123.03, but it bounced back towards best levels and last operates +8 pips at Y123.16, just shy of highs.

  • The rate has been trapped in a sideways trade for a week or so, with bearish sights set on the ascending 100-DMA, last intersecting at Y122.58. EUR/JPY briefly probed the water below that moving average yesterday. A clean break would open up the 38.2% retracement of the YtD range at Y122.25. Conversely, a push above Sep 18 high of Y124.31 would draw attention to the 50-DMA at Y124.79.
  • EZ calendar today features flash German CPI (alongside regional readings) as well as French & EZ consumer confidence gauges.
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