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EUR/JPY breaks through key support sub 139 handle

FXStreet (Barcelona) - EUR/JPY is trading at 137.83, down -0.48% on the day, having posted a daily high at 138.83 and low at 137.69.

EUR/JPY has continued lower and now breaches through the 61.8% retracement at 137.90. Karen Jones, chief analyst at Commerzbank explained that near term rallies need to regain the 200 day ma at 139.66 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). “This is regarded as the last defence for the 145.68 December 2013 high. Below 137.80 will see further slippage to 137.00/136.95, this is the 78.6% retracement of the move since September. This is the last defence for 135.82/73 recent lows”.

EUR/JPY hourly levels

Current price is 137.84, with resistance ahead at 137.92 (Weekly Classic S1), 137.94, 137.95 (Daily Classic S1), 138.15 (Daily 100 SMA) and 138.30 (Hourly 20 EMA). Next support to the downside can be found at 137.69, 137.41 (Daily Classic S2), 137.22 (Weekly Classic S2), 136.88 (Daily Classic S3) and 136.10.

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