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EUR/JPY under pressure below 140.00 pivot

FXStreet (Moscow) - EUR/JPY recovered to 139.92 after having touched the Asian low at 139.77; the cross is trading with about 10 pips loss on the day ahead of European opening.

Still on the go

EUR/JPY spiked to new multi-month high at 141.22 on Friday as the single currency was under selling pressure across the board. While the gains proved to be unsustainable and the cross retraced back to 139.85 by the end of the day, longer term picture retains bullish undertone. The Head of the ECB Mario Draghi is scheduled to speak today. Market players expect him to comment upon disappointing TLTRO results that may raise concerns about the ECB’s ability to expand its balance sheet by 1 trn. euro. This may trigger another period of volatility in EUR crosses. From the technical point of view, EUR/JPY intraday movements are likely to be limited by 140.00 and 140.45 (Friday’s open) on the upside and 139.77/68 (Asian low and Friday’s low) on the downside.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 140.27, with support below at 139.29, 138.71 and 137.73, with resistance above at 140.86, 141.83, and 142.42. Hourly Moving Averages are bullish with the 200SMA bullish at 138.91 and the daily 20EMA bullish at 138.28. Hourly RSI is bearish at 46.

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