EUR/JPY REBOUNDS SWIFTLY FROM TWO-WEEK LOW, MOVES BACK ABOVE 173.00 MARK
- EUR/JPY attracts some dip-buyers on Friday and recovers over 150 pips from a two-week low.
- The uptick is exclusively sponsored by the emergence of fresh selling around the Japanese Yen.
- Intervention fears and political uncertainty in France might keep a lid on any meaningful gains.
The EUR/JPY cross stages a goodish bounce from a two-week low touched during the Asian session this Friday and climbs back above the 173.00 round-figure mark in the last hour. Spot prices, for now, seem to have stalled a sharp retracement slide from the 175.40-175.45 area, or the highest level since 1992 set on Thursday amid the emergence of fresh selling around the Japanese Yen (JPY).
The overnight market reaction to speculation that Japanese authorities might have stepped into the FX market to lift the domestic currency fades rather quickly in the absence of any concrete evidence of intervention. This, along with the underlying strong bullish sentiment surrounding the equity markets, undermines the safe-haven JPY and is seen as a key factor that assists the EUR/JPY cross to attract fresh buyers on the last day of the week.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.