EUR/USD (a 4-hour chart)
The pair growth the fifth day in a row, EUR/USD tested the 1.3100 level for the first time since March 15. Currently, the pair is trading around 1.3085 in a consolidation, the trend remains slightly bullish.
Sebastian Ghali, senior FX strategist at Societe Generale said that the euro could replace the JPY as a funding currency and this may create a short covering which pushes the EUR. Emmanuel Ng of OCBC Bank has the same opinion. He says that sabotage investment flows from Japanare possible in the nearest future.