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EUR/JPY tests last week's highs at the open

FXStreet (Córdoba) - EUR/JPY left a small upside gap at the weekly opening as the Japanese yen weakened amid political jitters in Japan. Yuko Obuchi, Japan’s Minister of Economy, Trade and Industry, has apparently plans to resign amid corruption claims.

EUR/JPY managed to open Monday near the top of last week’s range and consolidates at highs in early trade in a quiet Asian session. At time of writing, EUR/JPY is trading at 136.55, up 0.11% on the day, having scored a daily peak of 136.69.

Yen has lost its bullish momentum over the last session as risk aversion eased during the second half of the week, with EUR/JPY recovering from a 2014 low of 134.13.

EUR/JPY technical perspective

“In the meantime, the 1 hour chart shows 100 and 200 SMAs flat with the shortest below the largest, which means bulls are not yet in full control. Indicators in the same time frame head higher above their midlines, while the 4 hours chart shows also some upward momentum coming from technical readings, yet moving averages well above current price”, said Valeria Bednarik, chief analyst at FXStreet. “All in one, further recoveries will depend on rising stocks and the ability of the pair to establish itself above 137.90, the line in the sand for current bearish trend”.

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