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EUR/JPY limited by 136.00

FXStreet (Edinburgh) - The weakness around the Japanese yen is allowing EUR/JPY to return to the upper 135.00 band so far, coming up from recent lows around 135.20.

EUR/JPY in 2014 lows

The cross continues to correct lower from mid-September tops around 141.20 to current levels last seen in November 2013, printing fresh ytd lows at the same time. A softer yen is allowing the current intraday recovery from overnight lows although the upside seems to be limited by the 136.00/10 band so far. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “the market is regarded as being under pressure while below the 138.45 pivot and risks are on the downside. Near term rallies need to regain the 200 day ma at 139.32 in order to reassert upside pressure at this point and this is not favoured”.

EUR/JPY levels to watch

The cross is now up 0.15% at 135.72 with the next resistance at 136.50 (Tenkan Sen) ahead of 136.55 (high Oct.14) and then 136.75 (10-d MA). On the flip side, a breakdown of 135.25 (low Oct.15) would open the door to 135.04 (2014 low Oct.14) and finally 135.00 (psychological level).

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