OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/JPY fallen below 132.00 in European session

FXstreet.com (London) - The pair have scaled back its gains over the previous session, where the quote posted a three year high of 132.40.

The Yen has continued its broad base losses after the G7 meeting and in the face of a global economy, which is favoring the dollar. There appears to be a shift towards more positive sentiment for the US economy in comparisons to Asia and other European markets, so the EUR/JPY might be a cross, which could have slightly less room to climb in the face of the kind of rhetoric we have listened to from Europe. However, the downside should remain limited as Commerzbank point out, "…expecting dips to hold above the 128.95 support line, which guards 125.00, the low from mid-April”, as Karen Jones Head of FICC Technical Analysis at Commerzbank and Axel Rudolph Senior Technical Analyst at the bank have suggested in a report released earlier this morning. On the upside, there are a number of factors so far appeasing the bulls with a rise in U.S. yields, new highs in the Nikkei and Japanese purchasing of foreign bonds, and it would not be unrealistic to see higher levels yet with some traders who are bullish who even have longer-term targets for 136.71, the upside measurement from a wedge, which completed back in November 2012.

Forex: EUR/CHF upside capped around 1.2445/50

The Swiss franc is now picking up pace against the euro on Monday, recovering the area around 1.2420/25 after hitting fresh lows in the vicinity of 1.2445/50....
Read more Previous

Italy debt auction meets target

Italy sold 8 billion euros of 3, 5 and 15 year BTP notes on Monday on Tuesday, meeting the amount targeted.
Read more Next
Start livechat