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8 Mar 2013
Forex: EUR/JPY upside move reaches 125.00
The EUR/JPY had a strong boost yesterday which is extending higher today. ECB Draghi's speech was upbeat and gave confident indication that Eurozone's economy will recover. Also, most investors are reluctant to be on the other side of the BoJ's upcoming activities.
Given these factors, this rally that has already reached 125.00, on today's European opening, comes as no surprise. France budget shows a narrower deficit in January, improving from €-87.2B to €-12.8B. The economic calendar will have German industrial production and LTRO repayment announcement at 11:00 GMT, but investors are focused on US nonfarm payrolls later in the day.
UBS analsyts are bullish: “With the MACD threatening to cross above its zero line, the risk is for resumption of bull trend”, wrote analyst Gareth Berry, pointing to resistance at 127.71 and support at 120.36.
Given these factors, this rally that has already reached 125.00, on today's European opening, comes as no surprise. France budget shows a narrower deficit in January, improving from €-87.2B to €-12.8B. The economic calendar will have German industrial production and LTRO repayment announcement at 11:00 GMT, but investors are focused on US nonfarm payrolls later in the day.
UBS analsyts are bullish: “With the MACD threatening to cross above its zero line, the risk is for resumption of bull trend”, wrote analyst Gareth Berry, pointing to resistance at 127.71 and support at 120.36.