The barrier at 80.00 is now coming into focus with a recent high of 79.85, but exporter offers are currently capping the move ahead of some talked of buy stops through 79.90.
I can’t imagine the stops are that large bearing in mind large option protective offers just above, but the move over the last few days has drawn the pair well away from the ichimoku cloud and a move up through 80.10(July 7 highs) will likely trigger larger stops on route to 80.63 which was the high of June 25th.
EUR/JPY’s just pushed through last Thursday’s highs of 104.14 and a sustained rally here can target the 61.8% fibo retracement of the 111.44-94.12 fall coming in around 104.77
USD’s presently at 79.82 with the cross around 104.13
