Euro Gains Favored as it Holds Key Lows versus Yen

Euro Gains Favored as it Holds Key Lows versus Yen

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EURJPYHeavily one-sided crowd positions warn that the Euro is at a potentially significant inflection point versus the Japanese Yen.

Trade Implications – EURJPY: We recently noted that heavily one-sided positions in the USDJPY accurately called a bounce off of key support, and now we make similar claims for the EURJPY. Given the extremely low-volatility FX environment, the combination of multi-year position extremes and a hold of key year-to-date lows leaves our short-term focus higher in the Euro. ¥136.20 remains the critical level to watch.

See next currency section:EURUSD – Key Factors Suggest Euro at Major Turning Point

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Euro Gains Favored as it Holds Key Lows versus Yen

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