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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

2014-04-11 11:15:00
Christopher Vecchio, CFA, Senior Strategist
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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.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

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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