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EUR/JPY: Break of 134.80 sets stage for 134.00 - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, 134.80 is the level to watch in EUR/JPY over the upcoming hours, with a break lower setting the stage for 134.00.

Key Quotes

"Yen undeniable strength sent the EUR/JPY to a fresh year low near 135.00, and the following bounce was quickly erased on weak stocks and yields: US 10Y note ones drop to 2.21%."

"Technically, the 1 hour chart shows no change in previous views, with bears still in control as per price unable to extend above 100 and 200 SMAs which maintain their bearish slopes well above current price."

"Indicators in this last time frame head lower well into negative territory, with no signs of changing bias, while the 4 hours chart shows also a negative technical stance."

"134.80 is the level to watch over the upcoming hours, as a break below should fuel the selloff with the pair then eyeing an approach to the 134.00 area."

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