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EUR/JPY retraces to test 138.30 bids

FXstreet.com (Barcelona) – EUR/JPY has seen a 40+ pips retracement off trend highs as Asian traders play the ‘squaring up’ cards ahead of “Thanksgiving” in the United Stated later today.

Beware of Thanksgiving

According to Eamonn Sheridan, Editor at Forexlive:” The coming days of US Thanksgiving holiday are going to be thinner liquidity than normal, and despite having the Europe/UK session still to come there is some position squaring being done in the Tokyo timezone. Yen crosses have had a huge run.”

EUR/JPY technical view

Technically, Valeria Bednarik, Chief Analyst at FXstreet.com, notes: “The hourly chart shows price well above moving averages, while …read more