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Forex: EUR/JPY ranging along the 129 area

FXstreet.com (Barcelona) - The EUR/JPY is ranging between the lower and the upper 129 area today, with a low printed at 129.06 on the European opening and a Asian session high at 129.90 that was retested in mid-European morning after comments made by German Chancellor Merkel. As European investors go for lunch, the FX market gets ready for the NY opening. The cross trades at 129.43.

German Chancellor Merkel wants that bank shareholders can also suffer losses in the future and said the government rejects common European deposit insurance, for now. Also, she said that higher interest rates would be better for Germany. Finland grand committee head said the Euro would survive in case Cyprus leaves and rejects euro-area fiscal transfers. IMF’s Lipton and PIMCO’s Amey suggested more ECB easing.

"The EUR/JPY is sidelined below the 131.12 recent high, currently we are viewing this as the market taking a breather ahead of tackling this resistance”, wrote Commerzbank analyst Karen Jones, pointing to initial resistance at 127.71 February high ahead of 125.00.

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