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EURJPY – 140.00 in View?
EURJPY posted its best reading in nearly two years today pushing through the 136.00 by morning US trade. The pair is signaling that market is looking for synchronous global growth that will tighten monetary policy everywhere but Japan allowing the pair to make a move towards the key 140.00 level over the next few weeks.
Today’s strong ADP data has the market thinking that NFPs will be solid as well, and if the number proves to be strong in both payrolls and wages USDJPY should verticalize well above the 113.00 level and pull EURJPY along with it, making the 140.00 target within reach.