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EUR/JPY, 132.00 well protected

FXstreet.com (Chicago) – EUR/JPY was propelled above 132.20 zone earlier in Asia after the ECB policymaker Ewald Nowotny commented on the unnecessary interest rates cut after empiric evidence that the European Union economic situation is on its way to recovery.

Uplifting remarks

Price action reveals heavy buying at the opening of the Asian trading session potentially explained by uplifting comments by ECB’s Nowotny. The bulls sent the pair above 132.30 4-week highs, extending rally and consolidating reversal from 128.30 lows last week. In Japan the Nikkei closed the week with 2.21% gains, setting the tone for Europe with the Euronext …read more