FXstreet.com (Barcelona) - Following the bearish burst on
EUR/USD, the Japanese Yen also resumed its rally in a synchronized
manner against the Euro, extending its gains after breaking support
area at 106.90/00, posting a new 4-day low in EUR/JPY at 106.80.
We are presently at lows, which represents a 0.28% decline from the
previous close. Today's drop happens on the back of a sharp
pull-back from 109.50, 7-day high, on Monday, after BoJ failed to
impress financial markets, expecting much greater easing measure to
curb the unstoppable Yen surge.
"On the downside, immediate support may lie at 106.95 (Fri's low),
106.65 (mid-2001 range) and 106.50 (intraday level). On the upside,
resistance can be found at 107.25 (break level), 107.80 (hourly
high) and 108.69 (Fri's close)" said the 4CAST analysis team.