With that
out of the way, the EURJPY cross correlated to the Japanese Yen's price movement have likewise shown some relative support zone @125.85 low and a price recovery
currently @128.47 marks a correlated Yen weakness compared with the USD
maintaining strength well supported not only by its price, but by some
encouraging figures from housing prices data and US Consumer Confidence #'s. The
USD direction would have some momentum and increase volatility by the next GDP
data for the week.
The price
action pullback of the EURJPY from its 125.80 low can no be a confirmation of
its benchmark support. Quite a significant move and a divergent comparison with
the EURO is well justified. Marking the low price of the EURUSD @1.0580 as the
first bottom price based on the current chart. However, the current
configuration of the EURUSD well within a descending channel from it high
@1.1048 price zone was a result of the ECB disappointing the market of its
inaction on rates.
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