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EUR/JPY bounce off 137.10

FXStreet (Edinburgh) - EUR/JPY is now meandering a narrow range in the 137.30 area, well managing to leave behind session troughs around 137.10.

EUR/JPY better on risk sentiment

The respite in the USD rally is giving extra oxygen to the riskier assets at the beginning of the week, pushing the EUR to challenge session peaks in vicinity of 137.40. In a context where the lack of data releases seems to prevail, tomorrow’s BoJ meeting will offer the riskiest event so far, although consensus points to no surprises from Kuroda & Co. “Near term rallies need to regain the 200 day ma at 139.56 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)”, commented Karen Jones, Head of FICC Technical Analysis at Commerzbank. The expert also added that this scenario is not favoured, however.

EUR/JPY key level

The cross is now losing 0.05% at 137.29 facing the next support at 137.07 (low oct.6) followed by 136.88 (low Oct.2) and then 136.65 (low Sep.9). On the flip side, a break above 138.00 (psychological level) would expose 138.07 (100-d MA) and finally 138.40 (Tenkan Sen).

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