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How Far Do EUR/JPY, USD/JPY Pullbacks Run?

How Far Do EUR/JPY, USD/JPY Pullbacks Run?

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURJPY loss of ¥138.89 points to move to 137.63.

- USDJPY holding up at 61.8% Fibonacci extension, daily 21-EMA.

- See the June forex seasonality report.

The JPY-crosses are the big movers overnight after some two-faced comments by the BoJ's Kuroda, which suggested that policymakers were keeping an eye on the weakening currency, yet at the same time saw no indication of a weak Yen hurting Japan. In either case, the market has unwound short-term short Yen positions fairly quickly, with both EURJPY and USDJPY falling back to important mean reverting levels established on medium-term timeframes.

See the above video for technical considerations in EURUSD, EURAUD, EURJPY, and USDJPY.

Read more: June Forex Seasonality Sees USD Easing Off after Stronger May

--- Written by Christopher Vecchio, Currency Strategist

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