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5 Apr 2013
Forex: EUR/JPY continues surge post NFPs
FXstreet.com (Barcelona) - EUR/JPY has continued its surge higher following today´s underwhelming US Non Farm Payroll numbers.
The pair is trading just shy of its daily high at 126.65, and is within range of its high since 2009 of 127.70. The drastically underwhelming NFP numbers of 88k, against expectations of 200k saw a surge of EUR strength, as the implication is that the Fed will not be planning a QE exit any time soon. Additionally, JPY has weakened following the BoJ´s recent announcement of unprecedented levels of asset purchases. Hourly stochastics are indicating that spot is in overbought territory, with RSI at 76, just below its corresponding region. To the downside, the next level of support below looks to be around 125.50, ahead of the 23.6% Fibonacci Retracement level from the recent Low to High, which sits at 124.87.
The pair is trading just shy of its daily high at 126.65, and is within range of its high since 2009 of 127.70. The drastically underwhelming NFP numbers of 88k, against expectations of 200k saw a surge of EUR strength, as the implication is that the Fed will not be planning a QE exit any time soon. Additionally, JPY has weakened following the BoJ´s recent announcement of unprecedented levels of asset purchases. Hourly stochastics are indicating that spot is in overbought territory, with RSI at 76, just below its corresponding region. To the downside, the next level of support below looks to be around 125.50, ahead of the 23.6% Fibonacci Retracement level from the recent Low to High, which sits at 124.87.