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25 Nov 2013
EUR/JPY rallies to hit new 4-yr high
FXstreet.com (Barcelona) - EUR/JPY was given a strong boost in the last few minutes, taking the pair from 137.00 session low all the way up to 137.40, rise which represents a new 4-year high.
Traders are now watching closely 101.50 option in USD/JPY, with a break higher likely to induce further broad-based Yen weakness. As Haruya Ida, Analyst at IFR Markets, notes: "Stops above 101.50 and 101.55-60 in USD/JPY; Break above targets move option barriers at 102.00 – every 50-ticks up."
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart the upward tone prevails, with scope for an advance up to 138.50 where the pair presents several weekly highs from 2009. Corrective movements should find buyers waiting around 136.60 to keep the upward tone intact."
Traders are now watching closely 101.50 option in USD/JPY, with a break higher likely to induce further broad-based Yen weakness. As Haruya Ida, Analyst at IFR Markets, notes: "Stops above 101.50 and 101.55-60 in USD/JPY; Break above targets move option barriers at 102.00 – every 50-ticks up."
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart the upward tone prevails, with scope for an advance up to 138.50 where the pair presents several weekly highs from 2009. Corrective movements should find buyers waiting around 136.60 to keep the upward tone intact."