0738 GMT [Dow Jones] The Japanese yen is stronger across the board on Thursday, and the currency is set for more gains while the yield on U.S. 10-year Treasurys trends sharply lower. USD/JPY is extending the setback from the week's high at Y102.14, pressuring support at Y101.50 and signalling downside risk to Y101.34 and Y101.02. This bout of weakness questions the validity of the recovery from the May 21 reaction low at Y100.80, close to the supportive 200-day moving average. EUR/JPY has already seen a break below its 200-day simple moving average, and the Y138 level has been breached to the downside for the fist time since early February. EUR/JPY weakness to Y137.55 should now be expected. USD/JPY is at Y101.58, while EUR/JPY is at Y138.06. -By Francis Bray, Dow Jones Chief Technical Analyst For Europe.(francis.bray@dowjones.com) (This article is general financial information, not personalized investment advice, as it does not consider the unique circumstances affecting an individual reader's decision to buy or sell a specific security or currency. Dow Jones does not warrant the accuracy, completeness or timeliness of the information in this article, and any errors will not be made the basis for any claim against Dow Jones. The author does not invest in the instruments or markets cited in this article.)
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May 29, 2014 03:38 ET (07:38 GMT)
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