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EUR/JPY on retreat as EUR sold off across the board

FXStreet (Moscow) - EUR/JPY reached the Asian high at 139.70, but the upside was not sustained as the cross reversed towards its current level of 139.31, marginally lower on the day

Growth attempts failed

EUR/JPY came under pressure touched the pivotal support of 139.00 on Wednesday on the back of EUR sell-off across the board. The downside movement was caused by two factors: JPY was growing after Abe’s aggressive comments, while EUR was weakening following poor German IFO numbers. Today in Asia the cross tried to recover and touched the resistance area at 139.65/70 on the back of USD/JPY upside, but EUR sell-off caused by dovish Draghi comments took its toll and pushed EUR/JPY back to the opening levels. Later during the day keep an eye at EUR sentiments as they are likely to shape the cross’s future. From the technical point of view, the key support is seen at 139.00 (Yesterday’s low), followed by 138.77 (Sept 17 low). The resistance comes at Asian high of 139.70.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 139.44, with support below at 138.92, 138.48 and 137.95, with resistance above at 139.88, 140.41, and 140.85. Hourly Moving Averages are mixed with the 200SMA bearish at 139.50 and the daily 20EMA bullish at 138.64. Hourly RSI is bearish at 44.

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