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EUR/JPY regains the 131.00 level after German unemployment

The EUR/JPY plummeted below the 131.00 level earlier today during European trading, only to recover this mark following uneven German economic data in recent minutes.

In Germany, the Unemployment Change (May) came in at 21K, missing expectations of only 5K. In addition, the Unemployment Rate s.a. was held at 6.9%, which matched estimates in May.

Presently, the cross has settled back at the 131.00 level, despite a -0.45% drop thus far. Mataf.net technical analysts take note of the next short-term supports for the EUR/JPY at 130.95, 130.41, and 129.82. Conversely, the pair is set to face calculated resistance at 132.08, onto 132.67, and ultimately 133.21.

According to the ICN.com Technical Analyst Team, “The EUR/JPY moved higher yesterday, to retest the broken ascending support. However, we consider this as a retest of the broken support before resuming the bearish wave, where only a daily closing above 131.70 will threaten to damage the recent bearish wave structure. Accordingly, we maintain our bearish outlook.”

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