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EUR/JPY struggles to regain 99.00

By FXstreet.com,  July 05, 2012, 01:02:00 PM EDT

FXstreet.com (Córdoba) - The euro trimmed losses against the yen and managed to climb back above the 99.00 mark as the post-ECB sell-off lost momentum during the American afternoon.

EUR/JPY hit a 6-day low of 98.78 in the wake of the ECB's decision to cut its benchmark rate to a record low of 0.75%, but found support at that level and rebounded slightly. At time of writing, EUR/JPY is quoting at the 99.00/05 area, still recording a 100-pip or 1.0% loss on the day.

In terms of technical levels, in case of further euro weakness, next supports are seen at 98.80, 98.50 and 98.30, while in case of recoveries resistances could be found at 99.30, 99.50 and 100.00.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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