More from FXstreet.com

Forex: EUR/JPY rallies on Fitch downgrade warning

By FXstreet.com,  January 09, 2013, 03:30:00 AM EDT

FXstreet.com (Barcelona) - A surge of Yen weakness triggered a EUR/JPY rally that broke through the 114.50 that was limiting further upside since late Asian session. The cross has gone to as far as 114.72 high, for now.

While investors price in expectations regarding any hint from Draghi in tomorrow's ECB meeting, also eyeing tomorrow's China trade data, the market is also digesting today's Reuters report admitting a potential announcement of a 2% inflation target and a pledge of more easing steps at the 21-22 BoJ meeting.

Meanwhile, Fitch rating agency threatened that sovereign downgrade to Japan will be considered unless action is taken to address the public debt situation: "This was no surprise given the existing negative outlook, but the remarks balance recent hopes that the Abe-administration's reflationary policy could actually be rating-supportive", wrote UBS analyst Gareth Berry.

Mataf.net analysts point to resistances at 114.90 and 115.20, while supports might be found at 114.20, 113.50 and 113.05.




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:



Latest News Video

Oklahoma Tornado's Upgrade to EF-5 Very Rare
Oklahoma Tornado's Upgrade to EF-5 ...
Helping El Dentista Victims
Helping El Dentista Victims         
Dash Cam of Belen Chase
Dash Cam of Belen Chase             


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.60 0.16  1.19%
CLWR $ 3.37 0.03  0.88%
PFE $ 29.64 0.86  2.99%
F $ 15.18 0.23  1.54%
GE $ 23.96 0.30  1.27%
JPM $ 54.34 1.32  2.49%
MU $ 11.475 0.25  2.18%
MSFT $ 34.40 0.45  1.29%