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EUR/JPY recovers from Asian low, but 139.60/70 is a hurdle

FXStreet (Moscow) - EUR/JPY is under selling pressure in Asia as the cross dipped to the Asian low at 139.36 after having opened at 139.91; currently it is trading at 139.63

EUR/JPY bulls take a day off

EUR/JPY lived through a volatile day on Tuesday, as the cross oscillated in 100-pips range and finished the day with marginal net gains. The cross is deemed overbought and exposed to downside correction risks. Thus, traders seem to be eager to get out of long EUR/USD positions whenever the opportunity occurs. Today in Asia the Japanese Prime Minister Abe provided them with one, mentioning that he wanted to be careful about recent yen weakness. His comments supported JPY across the board, though the rally is very limited and, obviously, short-lived. Later during the day don’t miss Germany's Ifo Business Climate Index for September. If it indicates a deterioration in business sentiment, EUR might be sold-off across the board.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 139.80, with support below at 139.36, 138.83 and 138.38, with resistance above at 140.34, 140.78, and 141.32. Hourly Moving Averages are bullish with the 200SMA bullish at 139.38 and the daily 20EMA bullish at 138.57. Hourly RSI is bearish at 41.

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