FXstreet.com (Barcelona) - Following yesterday’s rally to 99.19 high, the EUR/JPY corrected its upside by easing to 98.70 area for a while. The European opening triggered a new rally back to 99.00 psychological level, from 98.68 daily low.
In Japan, the July Merchandise Trade Balance was of Y-517.4B, almost the double of the deficit expected (Y-217.5B). Exports sharpened its decline, by -8.1%, and imports rose by +2.1%. For the European session, the market waits for headlines especially from the Samaras-Juncker meeting.
“EUR/JPY continues its ascent and is getting ever closer to the one month uptrend channel resistance line at 99.70 and the psychological 100.00 level”, wrote Commerzbank analyst Axel Rudolph.
In Japan, the July Merchandise Trade Balance was of Y-517.4B, almost the double of the deficit expected (Y-217.5B). Exports sharpened its decline, by -8.1%, and imports rose by +2.1%. For the European session, the market waits for headlines especially from the Samaras-Juncker meeting.
“EUR/JPY continues its ascent and is getting ever closer to the one month uptrend channel resistance line at 99.70 and the psychological 100.00 level”, wrote Commerzbank analyst Axel Rudolph.
