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Forex: Yen picks up against Euro and Pound

By FXstreet.com,  July 11, 2012, 02:51:00 PM EDT

FXstreet.com (Buenos Aires) - The Japanese yen advances strongly against both high yields Euro and Pound following FOMC Minutes, with the GBP/JPY trading now around 123.38 retreating from 123.99 this week high, and EUR/JPY now at 97.35 after reaching its daily max at 97.72. Investors run towards safety affects primary European currencies, as USD/JPY remains barely unchanged after the news.

For the EUR/JPY, "the pair holds a strong bearish tone both in the 4 hours and the daily chart, with a break of today's low of 96.98 pointing for a retest of June monthly low at 95.58. Sellers will remain in control as long as price stands below 98.40 resistance area" states Valeria Bednarik, FXstreet.com chief analyst. According to her words, GBP/JPY "holds a slightly bullish tone as per holding above 123.25, 20 SMA in the 4 hours chart, although pair is mostly ranging and only a clear break above 124.10, not seen today, could open doors for further recoveries."




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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