FXstreet.com (Barcelona) - The rally from 101.30 to 102.10 high seen on the European session is about to be fully retraced as the EUR/JPY drops to 101.40 area, also fully retracing its daily gains on Friday. The market is volatile with no particular economic calendar and driven by headlines and rumors.
The package the Spanish government is working on with the European Commission is for structural reform measures, and it's being denied as a basis for an official aid request by Spain from Europe’s bailout funds.
“EUR/JPY has reached the 100.80/17 retracement band indicated by the Elliott wave count on the daily and is attempting to stabilize”, wrote Commerzbank analyst Karen Jones, regarding the 99.42 support as key for the market to re-attempt the topside.
The package the Spanish government is working on with the European Commission is for structural reform measures, and it's being denied as a basis for an official aid request by Spain from Europe’s bailout funds.
“EUR/JPY has reached the 100.80/17 retracement band indicated by the Elliott wave count on the daily and is attempting to stabilize”, wrote Commerzbank analyst Karen Jones, regarding the 99.42 support as key for the market to re-attempt the topside.
