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Forex: EUR/JPY drops from 115.00 after US NFP

By FXstreet.com,  January 04, 2013, 09:44:00 AM EDT

FXstreet.com (Barcelona) - Although the EUR rose against the greenback in reaction to the US nonfarm payrolls report, the Yen strengthen more, which pulled the EUR/JPY down from 115.00 to 114.28 low, testing the lows made at the same area during European time.

Not only the the US labor market added more jobs in December than expected, at +155K instead of +150K, but November data was revised higher from +142K to +161K.

The EUR/JPY is currently trading at 115.50/60 ahead of the ISM non-manufacturing and Factory Orders. "The market has recently reached its 114.93 200 week moving average", wrote Commerzbank "This is a key juncture on the chart as well as a medium term upside objective and we would not be surprised to see some consolidation in this zone", Jones adde, pointing to interim support at 111.43/57 (October 2011 high and the March 2012 high) ahead of the 111.16 short term uptrend.




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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