AP: Euro to climb to 134 yen on 'bullish' bias: analysis
TOKYO -- The euro is likely to strengthen to 134 per yen, should it rise beyond so-called resistance at 133.60, BNP Paribas SA said, citing trading patterns. Daily momentum indicators such as the moving average convergence/divergence and the stochastic oscillator are both signaling a buy signal for the euro versus the yen, according to a team of analysts led by Hans-Guenter Redeker, global head of currency strategy at BNP Paribas in London.
“Accelerating bullish daily momentum is even more powerful than during the October rise suggesting scope to crack 134,” the analysts wrote in a note to clients. “As long as 132.35 support holds, the short-term bias will remain bullish.”
