Forex News Traders

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23:27 EUR/JPY: Corrects Due To Weak Wall Street, But Trending Higher Sydney, February 15: The EUR/JPY fell from the 158.47 high seen early in the US session when Wall Street sold off aggressively in the wake of Bernanke"s testimony to Congress and news that Moody"s downgraded bond insurer FGIC. The EUR/JPY has eas3ed further in early Asia in anticipation of a bad hair day on Asian bourses and expectations that some carry trades bought yesterday when the Nikkei flew higher will pare back today.
Despite the correction lower, the EUR/JPY continued to trend higher yesterday and made a higher daily low and higher daily high for the third consecutive day. This makes yesterday"s low around 157.35 a key support level. More support is found at the kijun line just below at 157.15. A break below 157.15 targets the 38.2 fibo of the 153.95/158.47 move at 156.75. The EUR/JPY trades 157.77/82.