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Forex: EUR/JPY capped at 115.00, down at 114.50

By FXstreet.com,  January 08, 2013, 03:43:00 AM EDT

FXstreet.com (Barcelona) - The 115.00 mark pretty much seems to be blocking the EUR/JPY upside now, after failing there just after the US close and a second failed attempt during early Asian hours while 114.50 gave support. The market has been in decline since then, back to 114.50 as the cross trades in European time.

EUR sentiment is hurt after concerning contracting figures coming from German exports and imports, at -3.4% and -3.7% in November, respectively. French exports fell from €37.5B (revised from €37.8B) to €36.5B , while imports eased from €42.2B (revised from €42.5B) to €40.8B.

UBS analysts are bullish on the EUR/JPY: "As long as support at 113.20 holds, the risk is for extension of the bull trend", wrote analyst Geoffrey Yu, pointing to resistance at 115.99 ahead of 117.90.




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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