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Forex: EUR/JPY creeps higher pre ECB

By FXstreet.com,  January 10, 2013, 06:13:00 AM EDT

FXstreet.com (Barcelona) - Having spiked in early trading to post a session high at 115.39, EUR/JPY has continued to climb during the European session.

Spot climbed from 114.74 to meet resistance at Classic R1 at 115.39, before pushing lower into the European open. However, with the ECB rate decision pending shortly, and a successful Spanish debt auction, spot has continued to creep higher and is now trading at 115.48. With Spanish debt acting as a bellwether for the European periphery, it is worth noting that Spanish 10 years yields dipped below 5% for the first time since March 2011. Elsewhere Greek CPI beat expectations and unemployment crept marginally higher MoM. Hourly MA´s are indicating bullish momentum alongside RSI which is at 66 and hinting at further upside.




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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