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EUR/JPY within a band looking for a break

FXStreet (Guatemala) - EUR/JPY is trading at 138.85, up 0.20% on the day, having posted a daily high at 139.16 and low at 138.57.

EUR/JPY has been caught up in a band between 138.60 and 139.00 resistance with a brief break to the upside that challenged that resistance but offers were met before 139.02. Should there be a break to the downside, Karen Jones, chief analyst at Commerzbank explained that the Elliott wave count on the daily chart suggests a correction lower should terminate now circa 137.90. “Near term rallies will need to regain 140.10 in order to reassert upside pressure at this point and trigger a move to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year)”.

EUR/JPY noteworthy levels

With spot trading at 138.89, we can see next resistance ahead at 139.02 (Daily Classic R1), 139.08 (Weekly Classic PP), 139.11, 139.16 and 139.17 (Hourly 100 SMA). Support below can be found at 138.85 (Hourly 20 EMA), 138.70 (Daily Classic PP), 138.64 (Daily 20 SMA), 138.64 and 138.61.

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