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EUR/JPY follows the lead of weaker JPY

FXStreet (Moscow) - EUR/JPY started the day at 136.71 and climbed towards 136.85 on the back of broadband JPY weakness: further growth may be limited due to EUR sell-off.

Positive and rangy

EUR/JPY recovered towards the upper part of 136.00-137.00 range, but the EUR strength has nothing to do with the movement. Actually, JPY weakness against USD pushed the cross higher. Obviously, the cross is influence by two counterproductive forces (EUR weakness and JPY weakness), which limits its potential. Japanese economic indicators have been already published and ignored, so now we may focus on technical and speculative factors. The bulls need a sustained break above 137.00 to have an upper hand at least for the short period of time, but the market lacks the momentum that could trigger the breakthrough.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 136.54, with support below at 136.07, 135.41 and 134.94, with resistance above at 137.20, 137.67, and 138.33. Hourly Moving Averages are bearish with the 200SMA bearish at 136.99 and the daily 20EMA bearish at 137.04. Hourly RSI is bullish at 63

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