Forex: EUR/JPY posts high since 2010

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FXstreet.com (Barcelona) - JPY has continued to weaken on news that the US political parties have found a short term resolution to the ongoing fiscal cliff débâcle.

Spot spiked during the overnight session to post a high at 115.99 before retracing into the European session but has since fallen back to find an element of support around 115.50. Hourly RSI is at 60.73 and moving with a slight downside bias.

Calendar wise, a lot of European Manufacturing PMI numbers came out today, Spain came in softer than expected at 44.6/45.1, Italy 46.7/45.3, France 44.6/44.6, Germany 46/46.3, Greece 41.4 against a previous of 41.8 and the EU at 46.1/46.3. Ahead we have UK Manufacturing PMI at 09:28 GMT and German CPI at 13:00 GMT. Karen Jones of Commerzbank is neutral on the pair, but looking to take long positions on dips to 113.30 and 111.45 with a stop at 110.60.



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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