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Failure at Current Support Could See Major EUR/JPY, USD/JPY Selling

Failure at Current Support Could See Major EUR/JPY, USD/JPY Selling

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDJPY pressing range lows near 101.50 - watch under 100.75.

- EURJPY in ST triangle at trendline back to November 2012.

- US economic calendar caps off the week with U. of Mich Confidence.

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The Japanese Yen has seen its role as a safe have revived this week, in part due to diverging central bank easing expectations (the Federal Reserve backing off a hawkish tone and the Bank of Japan failing to ease more), in part due to a drive to safety amid global equities selling off.

The dynamic over the past two days has started to change: initially it was just US Dollar selling (USDJPY prices falling, EURUSD and AUDUSD prices rallying); now it's transformed into general weakness across the board versus the Japanese Yen. EURJPY and USDJPY are most vulnerable - see the video above for the levels we'll be watching headed into next week.

Read more: AUD/USD, USD/JPY Taking Advantage of US Dollar Selling

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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