Products You May Like
EUR/JPY having a big day
EUR/JPY is up 156 pips to 127.94.
The risk trade is positive today with the S&P 500 touching a record. The comments from Barnier and Raab today were also constructive and the tone was good. That’s helped to lift the euro and the yen.
Technically, EUR/JPY is nearing the 50% retracement of the recent swoon, which clocks in at 128.45. That also corresponds closely with a pair of lows from July/Aug.
As I watch this move I’m thinking about the expression about markets doing whatever hurts the most people. The euro just went net-short for the first time in the CFTC report in 18 months. Cable shorts are crowded and all the talk is negative.
This article was originally published by Forexlive.com. Read the original article here.