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Euro Breakdown versus Yen Warns Against Complacency

Euro Breakdown versus Yen Warns Against Complacency

2014-07-10 15:15:00
David Rodriguez, Head of Product
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Euro Breakdown versus Yen Warns Against Complacency

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EURJPYForex trading crowds remain heavily long the Euro versus the Japanese yen as it breaks key multi-month lows, and closing below these levels would leave us in favor of further weakness.

Trade Implications – EURJPY: Extremely low forex market volatility has kept major pairs in tight ranges, and indeed the EURUSD and USDJPY look likely to hold key support. Yet failure in the EURJPY clouds outlook somewhat—it would actually favor JPY strength and EUR weakness (USDJPY and EURUSD declines). We’ll continue watching the EURJPY here as it could point to bigger things for the major US Dollar exchange rates.

See next currency section:EURUSD - Euro is an Attractive Buy at these Levels

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Euro Breakdown versus Yen Warns Against Complacency

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