EUR/JPY: breaking 124 handle to the downside on the 'Greek news'

Ross J Burland FXStreet

Currently, EUR/JPY is trading at 123.86, down -0.29% on the day, having posted a daily high at 124.29 and low at 123.82.

EUR/JPY has made fresh lows in early Asia in very thin trade from holiday mode markets. This comes on the heels of the Greek news that very quickly took EUR down to its lowest level since 19th May.

Greece threatens to opt out of next bailout payment without a debt deal - Bild

Bild came with the headlines but are not citing sources yet saying that the Greek government is preparing to possibly go without next bailout payment (amount of EUR 7bn) if creditors cannot agree on debt relief. This took all euro crosses down a significant number of pips.

For the day ahead, we await Japan's April unemployment and retail sales data. While this is second tier data, with markets as thin as they are, any significant surprises could be a mover. Markets are already expecting an improvement from March figures. "Better-than-expected figures will likely become JPY supportive, as it will mean that BOJ's easing policy will be approaching to an end," explained Valeria Bednarik, chief analyst at FXStreet.

EUR/JPY 4hr chart

Valeria Bednarik, chief analyst at FXStreet - "Technically, the 4 hours chart presents a neutral-to-bearish stance, as the price remains trapped around its 100 DMA, but technical indicators keep declining within oversold territory. An extension below 124.00, should favor additional slides towards 123.20, the 23.6% retracement of the bullish run between 114.83 and 158.80 between April and May."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.