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Technical Analysis of EUR/JPY
EUR/JPY’s rally that started on 16th February and was further supported by the decision of the BoJ to expand its purchase program is still in progress and reaches as high as 106.00 so far today. In the big picture, the crossover of the 89 period SMA by both the 20EMA and the 50EMA on the daily chart reinforces the bullish bias. The bias remains on the upside on the hourly chart with the 20EMA and 50 EMA holding comfortably above the 89 period SMA. The break above the 50% Fibonacci level from the high of August 2011 to the low of January 2012 on the hourly chart is further supporting that the bearish trend has reversed, favouring long positions above 106.00 that could target 108.80 On the downside, the break below key support at 104.63 could open the door for the 100.60 area. Dafni Serdari Market Analyst Disclaimer The comment in this blog is the personal opinion of the contributors and not InterTrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into…
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Strategies
What would happen if Germany left the Euro?
There are increasing signs that Germany is making emergency preparations in case the country feels it has no other choice but to leave the Euro and go back to the Mark. Although Angela Merkel is officially 100% committed to the ideal of a united Europe, behind the scenes Germany seems to be preparing for the possibility that it might have to abandon the Euro. The reason for this is the ongoing debt crisis in some of the smaller EU nations. This week Eurozone finance minister will once again meet to make a decision on whether Greece has satisfied the condition for its next bailout loan. If Athens does not receive the €130 billion in bailout money, it will most likely be unable to stave off bankruptcy in mid-March, when the next large repayment on its government debt has to be made. Harvard economist, Ken Rogoff, is of the opinion that Greece is going to default, no matter what. Germany’s conundrum The problem for Germany is that France wants to save the Euro at all costs, even it if means borrowing even more to re-capitalise the European Rescue Fund. Germany, on…
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