1 Dec 2014
EUR/JPY wavers after Japan’s downgrade
FXStreet (Córdoba) - EUR/JPY spiked to a 10-day high only to quickly drop more than 100 pips toward fresh daily lows on the back of Japan’s downgrade.
Moody's downgraded Japan's sovereign debt rating to A1 from Aa3, citing uncertainty over the ability to meet its debt-reduction goal, but said the outlook is stable.
EUR/JPY initially moved higher and touched a high of 148.14, but quickly came under pressure and fell over a full cent to 147.08, tracking USD/JPY sharp pullback. However, the bearish momentum didn’t last either and the pair bounced back to the 147.70 zone, where it trades at time of writing, little changed on the day.
Moody's downgraded Japan's sovereign debt rating to A1 from Aa3, citing uncertainty over the ability to meet its debt-reduction goal, but said the outlook is stable.
EUR/JPY initially moved higher and touched a high of 148.14, but quickly came under pressure and fell over a full cent to 147.08, tracking USD/JPY sharp pullback. However, the bearish momentum didn’t last either and the pair bounced back to the 147.70 zone, where it trades at time of writing, little changed on the day.