After a horrendous close last night, a technical collapse in EUR/JPY looked like a distinct possibility.
Now? We’re merely 1.1 JPY higher, ripping the lips off the technicians.
Credit the ECB’s Coure with some very timely jawboning. Comments on the ECB potentially restarting the SMP to constrain Spanish yields have changed the European complexion dramatically.
EUR/JPY is at 106.60 up from 105.52 at least nights close as risk appetites rebound all around.
