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EUR/JPY keeps pushing higher

FXStreet (Edinburgh) - The upbeat sentiment remains intact around the EUR today, now lifting EUR/JPY to session highs in the 137.50 neighbourhood.

EUR/JPY bolstered by euro

The risk appetite continues to pick up pace in the European evening, pushing the cross to the mid-137.00s and closer to recent weekly tops in the 137.70/75 band. The bearishness surrounding the Japanese currency will also be playing its role, in response to the neutral (repetitive) tone from the last BoJ monetary policy meeting. In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Near term rallies need to regain the 200 day ma at 139.48 in order to reassert upside pressure at this point and this is not favoured. Interim resistance is the 138.38/45 pivot and while capped there it will remain offered”.

EUR/JPY levels to watch

The cross is now advancing 0.52% at 137.57 with the next up barrier at 137.77 (high Oct.6) ahead of 137.82 (Tenkan Sen) and finally 138.00 (psychological level). On the downside, a drop beyond 136.50 (low Oct.8) would expose 135.82 (low Sep.8) and then 135.73 (2014 low Aug.8).

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