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

DailyFX
By Christopher Vecchio June 10, 2015 7:25 AM
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    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

    To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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