Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Forex - USD/JPY off 9-month high but remains supported

Published 02/27/2012, 03:21 AM
Updated 02/27/2012, 03:21 AM
Investing.com - The U.S. dollar pulled back from a nine-month high against the yen on Monday as investors sold the greenback to lock in gains while markets remained focused on events in the euro zone.

USD/JPY pulled back from 81.67, the pair’s highest since May 31, to hit 80.93 during early European trade, slipping 0.32%.

The pair was likely to find support at 80.76, the low of July 6 and resistance at 81.67, the day’s high.

The yen has been under pressure in recent weeks following a surprise easing by the Bank of Japan and a fall in the country’s current account surplus.

Meanwhile, concerns over the debt crisis in the euro persisted after European members were told at the Group of 20 nations’ summit this weekend that they must come up with more financial firepower to fight the region’s debt crisis in return for more help from the rest of the world.

Markets were also jittery as Germany’s parliament was preparing to vote later Monday on a EUR130 billion bailout package for Greece, which was agreed upon by euro zone finance ministers last week.

Sentiment remained supported however as investors looked ahead to the European Central Bank's second liquidity operation, set to take place on Wednesday, after the bank carried out a similar successful operation in December.

Elsewhere, the yen also fell to a multi-month low against the euro before erasing losses, with EUR/JPY shedding 0.39%, to hit 108.78.

Later in the day, the U.S. was to publish industry data on pending home sales.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.