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For more than a year the trend in EUR/JPY has been indisputably downward. The pair made a few half hearted attempts to rally, but only managed to set a series of lower highs keeping the downtrend in place.
The drive lower has been driven both by the weakness in USD/JPY and the weakness in the euro and mirrors the unsettled price action in equities. However after having made a spike low March the pair appears to be climbing higher slowly but surely as each new low lower is higher than than last.
Tomorrow’s FOMC meeting could be key to any near term price action. If the Fed strikes a hawkish tone any weakness in the euro is likely to be more than offset by the strength in USD/JPY and the pair could be back on its way towards 128.00