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EUR/JPY with scope for 145.48 Dec 2013 high

FXStreet (Guatemala) - EUR/JPY is trading at 139.69, down -0.13% on the day, having posted a daily high at 140.23 and low at 139.63.

EUR/JPY has been consolidating the move of last week that took the pair down from 141 territory and the higher ground of the 140 handle. Karen Jones, chief analyst at Commerzbank explained that EUR/JPY eroded the 2013-2014 downtrend last week at 140.35 and also eroded the 50% retracement at 140.70 (but has not registered a close above here and we may see some near term consolidation. “Beyond 141.21 has introduced scope to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year)”. Furthermore, she added that intraday dips lower are indicated to terminate 139.10/138.50 ahead of another leg up. “Intraday Elliott counts are suggesting that there is scope for the 145.68 December 2013 high”.

EUR/JPY levels

Spot is presently trading at 139.70, and next resistance can be seen at 139.79 (Daily 200 SMA), 139.87 (Weekly Classic PP) and 139.95 (Hourly 20 EMA). Support below can be found at 139.63, 139.29 (Daily Classic S1), 139.08 (Hourly 200 SMA) and 138.71 (Daily Classic S2).

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