Euro / yen is popular in an attempt to reduce

Spurt euro / yen above Y134.80 against the backdrop of a better than expected data on business activity in the euro area and the pleasant surprises from the IFO report resulted in the execution of the foot, allowing bulls to test the strength of the following series of orders for the sale of Y135.10 / 20. Here, however, the upward movement was halted, with news from the UK supported by a weakening of the positive attitude and a pair of correction lower, which, incidentally, turned out to be rather limited. Dealers noted that attempts to reduce continue to attract fresh interest in the purchase, which is now visible around Y134.65/60 and Y134.45/40, and the bulls have a chance of continued growth, but also recommend to follow closely the developments in the equity markets, weakening optimism which will be negative signal for the euro / yen.