EU Morning Report - JPY weakens, BoJ eases?

The euro (EUR) has been weakening against most of its major counterparts, as the absence of new developments increases speculation with market participants favoring the downside. The Japanese Finance Minister Azumi, once more, said that he will not hesitate to counteract to any speculative positions on the nation’s currency. The Japanese yen (JPY) has been strengthening versus both, the US dollar (USD) and the euro (EUR), something an exporting nation such as Japan does not wish. The European Central Bank (ECB) President Draghi is due to deliver a speech in Berlin at 13:00 GMT, as part of an annual event dedicated to German industries.

§ The US Tech (NDQ) is in a search of a catalyst, to challenge its multi-year high at 2868.25, recorded last Wednesday. If the index breaks-and-holds above this level, then higher highs should be expected.

§ The British pound (GBP) has been whipsawing versus the US dollar (USD) just below the 1.6250 area, a major resistance level.

§ OIL has found support above the 90.00 area after plummeting over the past week against the US dollar. The commodity dropped from 100 dollars a barrel to 92, a staggering 8% depreciation.

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