FXstreet.com (Barcelona) - The NY opening rally didn’t last long after reaching 97.47 high and risk-off sentiment reemerged, sending the EUR/JPY down back to support at the 97.00 psychological level.
It seems that one trigger for the sudden weakness was German economy minister Roesler’s comments about the Eurozone debt as he’s against shared responsibility, the “debt union”, and defends the position that the ECB should focus on price stability.
“At present the April-to-August resistance line at 97.09 should be revisited”, wrote Commerzbank analyst Axel Rudolph, pointing then to retracement towards 95.59 (June low) and 94.93 (August low).
It seems that one trigger for the sudden weakness was German economy minister Roesler’s comments about the Eurozone debt as he’s against shared responsibility, the “debt union”, and defends the position that the ECB should focus on price stability.
“At present the April-to-August resistance line at 97.09 should be revisited”, wrote Commerzbank analyst Axel Rudolph, pointing then to retracement towards 95.59 (June low) and 94.93 (August low).
