Forex: EUR/JPY jittering on mixed data

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Forex: EUR/JPY jittering on mixed data

FITITOL--> FXstreet.com (Barcelona) - First, the US jobs reports and ECB’s unchanged rate at 1% trigger a wider risk appetite, with a stronger Euro and a weaker Yen. However, the just released US ISM index for services in April are reminding investors again about chances of more QE.

The US data dropped from 56.0 to 53.5 in April, much below the expected 55.5. From 106.12 high, the EUR/JPY is plunging back to where it came from, having reached 105.65 area.

“…The pullback from 108.00 is seen as a correction of the 104.62 advance and with the 111.44/104.62 March/April pullback seen as a potentially complete correction of the advance from 97.03 we look for the eventual re-capture of 108.00 to signal a resumption of the bull run through 111.44 in due course”, wrote MIG Bank analyst Howard Friend.