Not for the faint hearted and a nasty little session for the EUR/JPY bulls with sell stops through 118.00 blasted along with more selling through the breach of the Tenkan line at 117.75 to session lows of 117.33. The move however fell short of tech support seen down at 117.00/20 ( 50% of 113.55-120.73 at 117.14) and more sell stops primed for a break of 117.00.
The very strong ZEW and denials of spurious rumours of BUBA Weidmann’s resignation have since spurred the bulls back into action with a whip back through 118.00 to 118.57. Offers now rest above at 118.90/00
EUR/JPY’s back around 118.47
