- Published on Wednesday, 14 March 2012 03:49
- Written by Bloomberg.com
The euro may strengthen to 112.80 yen by May, its highest level in more than seven months, according to Sumitomo Mitsui Banking Corp., citing trading patterns.
The 17-nation euro bottomed against the yen in January, according to Daisuke Uno, chief strategist at the unit of Sumitomo Mitsui Financial Group Inc. (8316), Japan’s second-largest bank by market value. “The euro-yen is in the middle of the fifth wave of the multi-month upward cycle,” which is projected to end around April, Uno said, referring to Elliott Wave Theory which says market swings follow a predictable five-stage structure. Full story