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EUR/JPY bulls set their eyes at 139.00

FXStreet (Moscow) - EUR/JPY has been growing since Asian opening; the cross started the day at 138.32 and hit the intraday high at 138.73 and this is not a limit as there are no signs of waning momentum.

JPY bears run the show

EUR/JPY has been growing for the fifth day in a row amid JPY weakening across the board. EUR has been rangy lately, thus it is the Japanese currency sentiments that rules the day. Fundamentally, we might get another bout of yen weakness today, if the head of the Bank of Japan says something dovish, or if US retail sales show strong results. From the technical point of view, the market is likely to remain directly bid as long as the cross trades above138.00 pivot. The next bullish target is 139.00, once broken, the upside might accelerate towards 139.30. The support lies at 138.55 and 138.10/00.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 138.24, with support below at 137.93, 137.43 and 137.512, with resistance above at 138.74, 139.05, and 139.55. Hourly Moving Averages are bullish with the 200SMA bullish at 137.31 and the daily 20EMA bullish at 137.28. Hourly RSI is bullish at 69.

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