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EUR/JPY recovering from 137.29 low

FXStreet (Moscow) - EUR/JPY has recovered from the Asian low at 137.29 and settled around 137.50, marginally higher on the day

EUR/JPY is badly beaten

EUR/JPY lost about 80 pips on the day. The pair broke below 138.00 support and finished NY session at 137.43. The downside was caused by the combination of JPY demand across the board and EUR weakness against USD. Now the cross is sitting in a narrow range, waiting for the ECB’s monetary policy decision. No rate change is expected, but investors hope for more stimulus from Draghi. May market players are sure that the central bank is happy with EUR weakness and might verbally support its further decline. If this is the case, EUR/JPY might slide to the initial support at 137.50 with strong demand on approach and large stops, followed by 137.29. The resistance comes at 138.00 and 138.55/60 with minor offers.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.89, with support below at 136.96, 136.56 and 135.53, with resistance above at 138.39, 139.32, and 139.82. Hourly Moving Averages are mixed with the 200SMA bearish at 139.07 and the daily 20EMA flat at 138.53. Hourly RSI is bearish at 28.

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