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EUR/JPY building a case for higher levels?

FXStreet (Guatemala) - EUR/JPY is trading at 138.70, down -0.31% on the day, having posted a daily high at 139.19 and low at 138.47.

EUR/JPY has been met with heavy supply at the start of this week at 139.00 and despite many analysts predicting scope for higher yet. “EUR/JPY last week eroded the top of the daily cloud and completed a base - this has introduced scope to the 139.60 2014 channel”, explained Karen Jones, chief analyst at Commerzbank. The pair has indeed been kept on the back foot and remains so for the time being while EUR/USD keeps below the mid point of the 1.29 handle and attempts from the cross to break 138.80 key support are resisted. However, these intraday dips lower are indicated by Karen Jones to terminate circa 138.20 for another leg higher.

EUR/JPY hourly levels

Current price is 138.71, with resistance ahead at 138.74 (Hourly 20 EMA), 138.86 (Daily Classic PP), 139.08 (Daily Open), and 139.14 Next support to the downside can be found at 138.50 (Daily Classic S1), 138.39 (Daily 100 SMA) and 138.20 (Hourly 100 SMA).

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