OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/JPY eyes 2014 highs

FXStreet (Córdoba) - EUR/JPY advanced sharply Tuesday underpinned by a new wave of JPY selling amid speculation that PM Abe may delay the next leg of the planned sales tax increase and call for an early election.

The euro advanced versus the Japanese yen and hit a weekly high of 143.97, but the rally faltered ahead of the 144 mark and a few pips ahead its 10-month peak of 144.20 scored last Thursday. At time of writing, the pair is trading at 143.90, recording a 0.89% gain on the day.

EUR/JPY technical level

As for technical levels, EUR/JPY could find immediate resistances at 144.00 (psychological level), 144.20 (Nov 6 high) and 144.86 (2014 high Jan 2). On the flip side, supports are seen 142.58 (Nov 11 low), 142.09 (Nov 10 low) and 142.00 (psychological level).

Recent high signals the resumption of a greater uptrend for USD/JPY - MP

Dean Popplewell, Director of Currency Analysis and Research at MarketPulse views the recent news of postponing the sales tax and snap elections as the reason behind the USD/JPY climb.
Read more Previous

EUR/USD holding on above 1.2400

The lack of a clear direction continues to weigh on the markets on Tuesday, with EUR/USD now gyrating near 1.2420/25...
Read more Next
Start livechat