FXstreet.com (Barcelona) - The EUR/JPY already plunged more than 100 pips from Friday’s close of 95.44 to Monday’s low of 94.23. Trading into new 11 year lows, the cross breached below 94.53, 2008-2012 support line.
However, oversold conditions gave room for a bouncing movement in the European session while the market hears out officials from the ECB, German government and Spanish central bank commenting the Spanish and Greek situation in the euro crisis. The Eurostat report of rising public debt in the Euro area to 88.2% in Q1 isn’t helping either.
The EUR/JPY bounced to 94.85 and might extend its correction higher. About the 2008-2012 support at 94.53: “From a longer term perspective this is seen as the last defense for the 88.93 2000 low”, wrote Commerzbank analyst Karen Jones.
However, oversold conditions gave room for a bouncing movement in the European session while the market hears out officials from the ECB, German government and Spanish central bank commenting the Spanish and Greek situation in the euro crisis. The Eurostat report of rising public debt in the Euro area to 88.2% in Q1 isn’t helping either.
The EUR/JPY bounced to 94.85 and might extend its correction higher. About the 2008-2012 support at 94.53: “From a longer term perspective this is seen as the last defense for the 88.93 2000 low”, wrote Commerzbank analyst Karen Jones.
