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EUR/JPY surges to 132.31/34

FXstreet.com (Barcelona) - The EUR/JPY has jumped nearly 100 pips in recent moments, bouncing strongly off the 131.29 level to trade presently at 132.31/34.

In Germany, the IFO – Business Climate (May) has yielded a figure of 105.7, against expectations of 104.5. In addition, the IFO – Current Assessment revealed 110.0 in May, vs. a projection of 107.2. Finally, IFO – Expectations (May) was reported at 101.6, matching its consensus of 101.6.

With the EUR/JPY cascading upward at a rate of +0.30%, the Mataf.net analyst team posits the next resistances at 133.38, followed by 134.54, and finally 136.25. On the decline, a break below 130.51 will foster supportive structures at 128.80 and 127.64.

According to the ICN.com Technical Analyst Team, “The EUR/JPY rebounded sharply towards the 132.50 level, before resuming the strong sell-off again. The bearish scenario remains favored so long as price is holding below 132.50 level, however holding back above 131.00 is concerning. Accordingly, we will move to the sidelines this morning, and wait for a break below the ascending trend line for further confirmation.”

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