by Fri, 17 Sep 2010 11:01:00 +0200
Forex: EUR/JPY heading toward 113.00
FXstreet.com (Barcelona) - At a high of nearly 5-weeks, the EUR/JPY is currently pushing boundaries at 113.00 after coming off daily lows 100 pips underneath. In early trading over the European session, the pair quotes at 112.90 after touching highs just under the 113.00 mark which it looks to overtake in the near-term.
Weakness in the JPY is coming on the back of BoJ intervention measures earlier in the week in order to counter strength in the yen due to its threat for a robust Japanese recovery. While the policy move seems to have had some limited effects, the Japanese Ministry of Finance looks to be backing off any further intervention for now in order to contemplate the market’s reaction.
| Technical Analysis (2010-09-17 08:45 GMT) | |
|---|---|
EUR/JPY 112.88/112.95 - O: 107.615 H: 107.645 L: 107.53 C: 107.58 | |
| Trend | R3: 113.03 |
 | R2: 112.75 |
| R1: 112.47 | |
| S1: 111.78 | |
| S2: 112.06 | |
| S3: 112.34 | |
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