Forex: EUR/JPY falls on talks of Cyprus exit from euro

FXstreet.com (Barcelona) - Euro weakness as the US markets get ready to open is pushing the EUR/JPY lower, already retracing all gains back to Friday’s close of 122.75. The trigger might have been a comment made by Chairman of Cypriot Parliamentary Finance Papadoloulos that said they must assess benefits of a euro exit.

The US Chicago Fed Activity Index moved from negative territory at -0.49 (revised from -0.32) in February to 0.44.

“On March 18 and again this Monday morning EUR/JPY briefly dipped to 121.44 before stabilizing above the 55 day moving average at 122.49. While 121.44 holds, the resistance line at 125.40 will stay in focus”, wrote Commerzbank analyst Karen Jones.