Thread: 
SubscribeThe euro reversed losses against the yen on Wednesday despite ongoing uncertainty surrounding Spain and its alleged reticence to request a bailout.
Key manufacturing data is due out of Europe later during the day, which kept some nerves on edge, though the euro found room to firm amid bottom fishing as the yen softened on talk of possible Bank of Japan easing.
In Asian trading on Wednesday, EUR/JPY hit 103.77, up 0.07% and up from a low of 103.56 and off a high of 103.83.
The pair sought to test support at 103.30, Thursday's low, and resistance at 104.14, Thursday's high.
Investors rushed to safe-haven currencies such as the yen earlier after Moody's slapped credit-rating down****es on the Spanish regions of Andalucia, Extremadura, Castilla-La Mancha, Catalonia and Murcia.
The news pummeled the euro by adding to already growing uncertainty as to if or when Spain will request a bailout, though the currency regained some composure in Asian trading.
Requesting financial assistance would allow Spain to tap the European Central Bank's bond-buying program, which would lower yields in Spanish government debt auctions and ease credit conditions in the country.
Furthermore, the Bank of Spain said the countrys gross domestic product contracted by 0.4% in the third quarter, leaving country cemented in recession.
The Spanish monetary authority also stressed that it could not rule out missing deficit targets later this year.
The news wasn't all bearish for the pair.
Japan posted a JPY558.6 billion trade deficit in September, according to recent official data, with exports falling 10.3% from the same month last year, the biggest drop since May 2011, two months after Japans earthquake disaster.
The numbers sparked talk the Bank of Japan will take fresh steps to stimulate the economy, including fresh monetary easing measures later this month, which pressured the yen down slightly on Wednesday.
Thanks
Spoiler: 
Currently Active Users
Forex Forum India Statistics
