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Forex: EUR/JPY struggling at 97.80

By FXstreet.com,  August 20, 2012, 10:34:00 AM EDT

FXstreet.com (Barcelona) - The EUR/JPY cross is in a struggle at 97.80 area as the Euro slightly bounces from recent downside in the FX market while the Japanese Yen strengthens since the American opening on a wave of "risk off" sentiment.

The ECB fully rejected Der Spiegel's report about the plan to cap yields in the Spanish and Italian bond markets, and German officials also criticized the idea if to be true. As expected, the ECB didn't buy any bonds last week.

"As long as no daily New York close above Friday's high at 98.40 is being made, minor retracement lower towards the support line at 96.40 could still be seen", wrote Commerzbank analyst Axel Rudolph, pointing to 99.08 (mid-June low) as upside target.




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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