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Forex: EUR/JPY uptrend intact; 115.00 sellers step in

By FXstreet.com,  January 09, 2013, 04:39:00 PM EDT

FXstreet.com (Barcelona) - EUR/JPY is trading off its 115.00 day highs, stalling the correction at the 20 hourly EMA, which seems to be offering short-term dynamc support for the pair.

The Yen has been the worst performer on Wednesday, again being hit by broad-based selling interest, which combined with some mild EUR buying ahead of ECB, has taken the cross 100 pips higher on the day, from 113.86 to the mentioned big round number, before stabilizing at current 114.72 quote.

According to Valeria Bednarik, chief analyst at FXstreet.com, the EUR/JPY bullish trend remains intact, noting the triangle being formed, thus "as far as above 113.40 base of the continuation figure, downside will remain well limited, and the upside expose."




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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