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EUR/JPY desperate to get back above 138.00 pivot

FXStreet (Moscow) - EUR/JPY dipped below 138.00 early in Asia due to mild JPY upside correction across the board, but bulls don't give up attempts to get back

Enjoying rally

EUR/JPY bulls had it their way as the the cross broke above 138.00 pivot and reached new weekly high at 138.17. While the cross finished Wednesday marginally above 138.00, since the beginning of the week the cross has recovered more than 100 pips of losses. The single currency has stabilized across the board, while the Japanese currency continued sliding and thus supported the EUR/JPY upside. Later during European hours investors would be focusing on EUR/USD dynamics where the correction is ripe. If the single currency manages to recover agains USD (at least on the intraday or short-term basis), the cross would receive a boost. The initial resistance is seen at 138.00. It may cap the intraday growth, though, once it is broken, the upside will extend towards 138.20. The support lies at 137.73.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.84, with support below at 137.48, 136.94 and 136.58, with resistance above at 138.39, 138.74, and 139.29. Hourly Moving Averages are bullish with the 200SMA bullish at 137.14 and the daily 20EMA bullish at 137.16. Hourly RSI is bullish at 53

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