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EUR/JPY testing critical resistance 137 handle

FXStreet (Guatemala) - EUR/JPY is trading at 137.05, up 0.14% on the day, having posted a daily high at 137.10 and low at 136.66.

EUR/JPY has been up to test the key resistance at the 137 handle while otherwise the pair had been heavily offered overnight. Valeria Bednarik at FXStreet explained that the Yen mounted on the back of falling stocks, regaining the upside against all of its major rivals. “The EUR/JPY fell towards its weekly low of 136.55, trading barely above it, and presenting a strong short term bearish tone according to the hourly chart, with indicators heading strongly south near oversold levels”. Currently, the bearish tone is beginning to turn but as Bednarik explained, a break below mentioned low should lead to a “steady decline” towards recent lows at the 135.80 price zone.

EUR/JPY noteworthy levels

With spot trading at 137.05, we can see next resistance ahead at 137.10, 137.13 (Daily Classic PP), 137.21 (Hourly 100 SMA), 137.60 (Hourly 200 SMA) and 137.62 (Daily Classic R1). Support below can be found at 136.86, 136.60, 136.20 and 135.80.

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