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Forex: EUR/JPY stalls the run up right below 109.00

By FXstreet.com,  December 12, 2012, 05:40:00 PM EDT

FXstreet.com (Barcelona) - Yen keeps weakening against Euro, now around fresh 8 month highs in the EUR/JPY cross at 108.72 last, off recent highs at 109.05 printed right after FOMC release. The cross is +1.99% higher for the week so far, mostly backed by Yen weakness as USD/JPY hits fresh 8-month highs as well, above 83, while EUR/USD has been range bounded for last 3 months. Japan elections this coming weekend will center market attention for the following days.

"I think its feasible that we see more topside spikes now towards 110 and even higher but they will provide bulls with excellent profit taking opportunities for a re-load near 108.00," says Sean Lee, founder at FXWW. On the other hand, SP500 broke higher to print new 1-month highs, just to give all gains up and ending the day almost even at +0.04%, leaving a hanging man candle pattern in its daily chart.

Immediate resistance to the upside for EUR/JPY shows at mentioned fresh 8-month highs 109.04, followed by Feb 27 highs at 110.02, and March 21 highs at 111.34. To the downside, nearest term support lies at Dec 05 highs 107.97, followed by Dec 03 highs at 107.60, and Dec 05 lows at 107.17.




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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