30 Jan 2015
EUR/JPY drops to lows around 132.30
FXStreet (Edinburgh) - The sudden offered interest in the single currency prompted EUR/JPY to revisit the area of 132.40.
EUR/JPY weaker on Greek developments
The cross accelerated its intraday correction lower following comments by Greek finance minister, Y.Varoufakis, in his meeting with EuroGroup’s J.Dijsselbloem. The Greek official confirmed (pledged?) that the country will embark in programs aimed to recover the lost competitiveness, but it will not agree on further Troika-imposed reforms or aid packages. The appreciations came in line with market expectations regarding the emergence of a delicate situation in the Greece-EMU scenario, which threatens to extend for several weeks and with an unpredictable end.
EUR/JPY significant levels
The cross is now losing 0.99% at 132.34 facing the next support at 131.77 (61.8% of 130.16-134.37) followed by 131.17 (hourly low Jan.26) and then 130.78 (hourly low Jan.26). On the upside, a breakout of 134.19 (high Jan.30) would expose 13437 (high Jan.28) and finally 134.79 (23.6% of 149.79-130.16).
EUR/JPY weaker on Greek developments
The cross accelerated its intraday correction lower following comments by Greek finance minister, Y.Varoufakis, in his meeting with EuroGroup’s J.Dijsselbloem. The Greek official confirmed (pledged?) that the country will embark in programs aimed to recover the lost competitiveness, but it will not agree on further Troika-imposed reforms or aid packages. The appreciations came in line with market expectations regarding the emergence of a delicate situation in the Greece-EMU scenario, which threatens to extend for several weeks and with an unpredictable end.
EUR/JPY significant levels
The cross is now losing 0.99% at 132.34 facing the next support at 131.77 (61.8% of 130.16-134.37) followed by 131.17 (hourly low Jan.26) and then 130.78 (hourly low Jan.26). On the upside, a breakout of 134.19 (high Jan.30) would expose 13437 (high Jan.28) and finally 134.79 (23.6% of 149.79-130.16).