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EUR/JPY risks weigh to the downside

FXStreet (Guatemala) - EUR/JPY is trading at 135.78, down -0.11% on the day, having posted a daily high at 136.26 and low at 134.14.

EUR/JPY plummeted to test the 134.20 support which may give of a signal that the next move to the downside may well have the 133.51/23.6% retracement of the move up from 2012 as next target. For now, the pair is steady back at the 136 level with 136.20 has key ahead of the Fibo and accelerated downtrend at 136.50/136.66.

However, Karen Jones, chief analyst at Commerzbank suggested that the market is regarded as being under pressure while below the 138.45 pivot and risks are on the downside still. “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 noteworthy levels

With spot trading at 135.83, we can see next resistance ahead at 135.98, 136.09 (Yesterday's High), 136.26 (Daily High), 136.33 (Daily Classic R1) and 136.50 (Hourly 200 SMA). Near term support below can be found at 135.81 (Hourly 100 SMA), 135.73 (Daily Classic PP) and 135.51.

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