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Forex: EUR/JPY rallies above 109.00

By FXstreet.com,  December 12, 2012, 10:45:00 PM EDT

FXstreet.com (San Francisco) - The euro rose to an 8-month high against the yen on Thursday, driven by more JPY weakness as investors anticipate an expansion of the Bank of Japan's AP/easing program. EUR/JPY just broke above the 109.00 mark to rise as high as 109.36, its highest level since April 4. The 109.56 level is seen as next possible bullish target, then 109.90 (Feb 27 high). Dips may find support at 108.66 (Mar 9 high) and 107.95 (April 20 high). "It looks like this pair will open in Europe on its highs and the bulls will be smelling more Bear blood. Best to stay out of the way of this particular trend train," warns Sean Lee, founder of FXWW.




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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