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10 Jan 2014
EUR/JPY - Resilient demand out of Tokyo
FXstreet.com (Bali) - After finding support at 142.00/05 post Draghi press conference, traders out of Tokyo were keen to seek higher offers, with the exchange rate stalling at 142.75 session high.
EUR/JPY sees steady demand
The recovery in EUR/JPY is within the 'counter-intuitive' category for the week, as demand comes on the back of a more dovish ECB, US Treasury yields off its recent highs, and the Nikkei performing poorly again, -0.5% at present.
EUR/JPY between daily kijun/tenkan
Technically, EUR/JPY has found a strong technical cushion around 142.00, daily kijun intersection. On the upside, further gains face intraday swing highs through 143.00/10, ahead of daily tenkan at 143.35, with a break above exposing recent trend highs. The next big drive for the pair will be the NFP outcome, in which a beat of estimates may see heightened risk appetite mood - US Treasury yields higher as faster Fed taper priced in - leading to a lower Yen across the board.
EUR/JPY sees steady demand
The recovery in EUR/JPY is within the 'counter-intuitive' category for the week, as demand comes on the back of a more dovish ECB, US Treasury yields off its recent highs, and the Nikkei performing poorly again, -0.5% at present.
EUR/JPY between daily kijun/tenkan
Technically, EUR/JPY has found a strong technical cushion around 142.00, daily kijun intersection. On the upside, further gains face intraday swing highs through 143.00/10, ahead of daily tenkan at 143.35, with a break above exposing recent trend highs. The next big drive for the pair will be the NFP outcome, in which a beat of estimates may see heightened risk appetite mood - US Treasury yields higher as faster Fed taper priced in - leading to a lower Yen across the board.