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EUR/JPY heads towards 137.00 support

FXStreet (Moscow) - EUR/JPY slid towards 137.10 after having started the Asian session at 137.35; the downside is caused by JPY growth against USD

Rangebound for the time being

EUR/JPY ended Friday virtually unchanged and printed another long-legged doji on a daily chart. This picture shows the fight between EUR bears and JPY bears, and it is not clear yet who is going to win. On the intraday basis the cross might be more sensitive to EUR movements. Keep your eyes peeled for German Factory Orders as they may signal that the largest European economy is stumbling (consensus is -2.5% m/m in August against 4.6% in July). From the technical point of view, EUR/JPY is likely to oscillate in a range limited by 137.87 (Friday’s high) on the upside and 136.86 (previous week’s low) on the downside.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.46, with support below at 137.02, 136.67 and 136.22, with resistance above at 137.81, 138.26, and 138.60. Hourly Moving Averages are mixed with the 200SMA bearish at 138.49 and the daily 20EMA bearish at 138.32. Hourly RSI is bearish at 40.

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