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EUR/JPY Strongly Bullish on Recent Euro Gains
Monday, 22 Nov 2010
Asian stocks began to climb last Friday as global markets took positively to the potential Irish bailout. If the Irish finance minister proposes an acceptance of the EU/IMF bailout this week, we could see the EUR gaining strongly against its currency counterparts, including the JPY. The EUR/JPY was up strongly in trading this morning, gaining over 40 pips to trade at 114.70 this morning.
With the US dollar taking losses from profit-taking, and a shift into higher yielding assets among speculators, the USD/JPY appears to have turned downward this morning, falling slightly from 83.54 towards 83.30 in today's early hours. With little market news being published today, these trends may hold steady for until Tuesday.
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