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Forex: EUR/JPY on track to 120.00; will it attract profit-takers? - FXWW

By FXstreet.com,  January 13, 2013, 05:13:00 PM EDT

FXstreet.com (Barcelona) - EUR/JPY is printing higher levels at the early going off the Asian trade, currently priced at 119.23 vs 118.97 NY close. The fresh high represents a new 20-month high for the pair.

According to FXWW founder Sean Lee, EUR/JPY looks set to target the psychological 120.00, noting that "levels such as this inevitably attract profit-takers but with sentiment such as it is, I don't think too many traders will be trying to short this pair..."

If one is to observe the behaviour in this ongoing rally, which is clearly commanded by an ascending 20-day EMA not being touched since the past November 14, it is hard to imagine, even if sellers step in at 120, that participation may be strong enough to turn the current bullish tide. A break above 120.00 opens up another 300 pips scope until 123.00, April 2011 high.




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

Referenced Stocks:



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