FXstreet.com (Córdoba) -The Euro remains under pressure after
S&P downgraded Greece and Portugal's debts. On the other hand
the Yen is strengthening due to the uncertainty and risk aversion
surrounding the currency markets.
EUR/JPY fell over 300 pips on Tuesday and at the beginning of the
Asian session the pair posted a fresh April low at 122.34, not seen
since March 25; however EUR/JPY found support at the 122.50 zone
and rebounded.
The pair is showing a shy recovery from daily lows. Currently
EUR/JPY is trading at the 122.70 zone, 2.29% below its opening
price. Next supports might lie at 122.20 (March 25 low), 121.40
(March 24 low) and 121.00 (March 21 low).