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Euro Gains Favored as it Holds Key Lows versus Yen

Euro Gains Favored as it Holds Key Lows versus Yen

David Rodriguez, Head of Product
Euro Gains Favored as it Holds Key Lows versus Yen

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EURJPYHeavily one-sided crowd positions warn that the Euro is at a potentially significant inflection point versus the Japanese Yen.

Trade Implications – EURJPY: We recently noted that heavily one-sided positions in the USDJPY accurately called a bounce off of key support, and now we make similar claims for the EURJPY. Given the extremely low-volatility FX environment, the combination of multi-year position extremes and a hold of key year-to-date lows leaves our short-term focus higher in the Euro. ¥136.20 remains the critical level to watch.

See next currency section:EURUSD - Key Factors Suggest Euro at Major Turning Point

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

Euro Gains Favored as it Holds Key Lows versus Yen

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

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