The Euro/JPY rose during last week and thus continued its upward trend of the past couple of weeks. Yesterday the Japanese trade balance report came out and showed an increase of 7.8% in the trade balance deficit to reach a high level of ¥612 billion (roughly $7.7 billion; this news may help trade up the Euro/JPY. Earlier today (Tuesday), The EU ministers of finance approved €130 billion bailout for Greece. The Euro ended up yesterday rising as many had anticipated the approval of this bailout package.
The Euro/JPY rose by 0.85% on Friday to 104.53; during February, the EUROS/USD increased by 4.8%.
The chart below presents the development of the Euro to Yen during 2012 (UTD). It shows the upward trend this exchange rate has had during most of February. See here the rest of the EURO/JPY weekly setup.
The chart below presents the linear correlation (moving correlation) between the Euro/JPY and the Euro/USD (daily percent changes) during the last four months (up to February 17th).
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