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May 30, 2013
EUR/JPY testing higher
FXstreet.com (London) - The EUR/JPY has rocketed from 130.20 to test 132.00 throughout the European day.
The EUR/USD has drifted higher nicely while the Yen has also gained some 180 pips on the day, moving well away from the 100.00 mark which was anticipated from overnight moves lower. EUR/JPY is still some way off from the top side of the previous ascending trend line and downside risk applies with closes below 131.60 and 132.50 resistance lines set up last week as a double top before the break of the supporting line.
The majority of the market is not expecting the ECB to follow through with the mentions of negative interest rates, for now. Meanwhile, Japanese officials speaking of late have had little calming effect on JGB or equity markets.
The EUR/USD has drifted higher nicely while the Yen has also gained some 180 pips on the day, moving well away from the 100.00 mark which was anticipated from overnight moves lower. EUR/JPY is still some way off from the top side of the previous ascending trend line and downside risk applies with closes below 131.60 and 132.50 resistance lines set up last week as a double top before the break of the supporting line.
The majority of the market is not expecting the ECB to follow through with the mentions of negative interest rates, for now. Meanwhile, Japanese officials speaking of late have had little calming effect on JGB or equity markets.