Bearish
MUFG initiates short EUR/JPY position at 177.50, targeting 172 amid French bond stress
MUFG has opened a short position on EUR/JPY at 177.50, aiming for a target of 172.00, citing concerns over widening French-German bond spreads and expectations of further Bank of Japan (BoJ) rate hikes. The bank anticipates that these factors will lead to a stronger yen and a weaker euro, pressuring the EUR/JPY pair downward.
Key points
- MUFG's short EUR/JPY position at 177.50, targeting 172.00, due to French bond market stress and BoJ tightening expectations.
- EUR/JPY trading at 176.52, down 0.63%, with a day's range between 176.41 and 177.85.
- EUR/JPY's 14-day Relative Strength Index (RSI) at 31.77, approaching oversold territory, indicating potential for a near-term reversal.
Sources
AI-generated from public news sources. Not financial advice.
