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EUR/JPY rushed to 139.00 pivot ahead of European opening

FXStreet (Moscow) - EUR/JPY is trading at 138.97, well above its opening level of 138.66; the bullish bias may fade away on approach to the pivotal level of 139.00.

Growing on JPY weakness

Long-legged doji that appeared on the daily chart on Friday, may signal that the bears will find it a bit more difficult to push the cross to new lows. EUR/JPY has found a strong support at 138.40, but it needs to get above 139.0 on daily basis to get a chance for more sustained upside movement. From the fundamental point of view, the cross is supported by JPY sell-off following the tragic news about volcano eruption. Though the situation may change if Germany publishes weak inflation numbers. The report is rather important as it may shed some light on pricing dynamics in the largest European economy that has a great influence on ECB’s monetary policy decisions.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 138.70, with support below at 138.30, 137.98 and 137.58, with resistance above at 139.02, 139.42, and 139.74. Hourly Moving Averages are mixed with the 200SMA bearish at 139.50 and the daily 20EMA flat at 138.64. Hourly RSI is bearish at 49.

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