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EUR/JPY exploring area below 139.00

FXStreet (Moscow) - EUR/JPY touched the Asian high at 139.17 and returned to 139.00; bears are trying to push the cross below this pivot, but the momentum is not strong enough yet.

One of the best performers of the week

EUR/JPY lived through one of its best weeks of the year. The cross gained more than 250 pips on the back of JPY selling across the board. Weakening EUR used to limit EUR/JPY upside, but the single currency seems to have stabilized lately. It means that the cross might continue its trip to the North. Technically, EUR/JPY is dancing around 139.00 resistance. Once it is firmly broken, the upside may accelerate towards 139.17 (Asian high) and 139.30. There are no signs of momentum waning on daily charts, though a hangman on a 4-hour chart might suggest a period of consolidation and profit-taking towards 138.75 support. The economic calendar is empty today, so the markets are likely to be driven by technical factors.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 138.86, with support below at 138.50, 137.86 and 137.51, with resistance above at 139.50, 139.85, and 140.49. Hourly Moving Averages are bullish with the 200SMA bullish at 137.48 and the daily 20EMA bullish at 137.46. Hourly RSI is bullish at 60.

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