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EUR/JPY falls back to 106.60/70 support

By   || August 31, 2010 at 16:47 GMT
|| 6 comments || Add comment

As noted earlier, bids in the 84.00 region in USD/JPY may force EUR/JPY sales to spill ove3r to the EUR/USD leg of the cross. That has been the case in early afternoon trade as EUR/USD slumps to 1.2685 and EUR/JPY to 106.65.

An earlier dovish article regarding the ECB, suggesting that the Bank will continue to provide unlimited funds to European banks on both a weekly and three-monthly basis through the end of the year. The article also said the ECB remains concerned about reliance of many EU banks on ECB funding.

1.2590/1.2610 is a very important support zone for EUR/USD but will likely not come in to play this afternoon ahead of important US data tomorrow like ISM.

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6 Responses to “EUR/JPY falls back to 106.60/70 support”

  1. Roman on August 31st, 2010 18:06 GMT

    Any news on any actual BOJ actions? I put on a long from 8405. I don’t like to go counter the trend, since I usually end up fishing around for a week or so before I catch a move. I did this back in April May shorting AUD/USD and pulled 3 of my 5 hairs out getting whipsawed 7-8 times before finally catching the ride. Anyway, I’m putting myself out and calling a bottom at 8385. If I’m wrong you can let me know and I’m going to fish deeper. There is no way I’m getting on board this downward train.

  2. Blackday on August 31st, 2010 18:14 GMT

    You have hair????? Try GBP/JPY.

  3. jack on August 31st, 2010 18:18 GMT

    why that , blackday? did not catch you there…

  4. Blackday on August 31st, 2010 18:22 GMT

    I save money on hairdressers by trading GBP/JPY

  5. jack on August 31st, 2010 18:26 GMT

    lol…ok, gotcha… lol… :D

  6. Blackday on August 31st, 2010 18:29 GMT

    Doffs wig ;)

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