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EUR/JPY grounded at 130.54/57

FXstreet.com (Barcelona) - The EUR/JPY has edged lower Thursday, hurt in part by the strengthening of the JPY.

At the time of writing, the pair is now suffering a decline of -0.34% off its opening Thursday. In the EMU, the Economic Sentiment Indicator (May) was reported at 89.4, against estimates of 89.0. Moreover, Consumer Confidence (May) yielded a figure of -21.9, matching projections. Finally, Services Sentiment (May) came in at -9.3, besting expectations of -10.8.

Technically speaking, the Mataf.net analyst team has calculated short-term supportive measures at 130.39, ahead of 129.70, and finally 129.09. Should the cross pare any of its losses or rebound higher, resistances will be encountered for the EUR/JPY at 131.69, then 132.30, and eventually 132.99.

According to the Technical Analyst Team at ICN.com, “The EUR/JPY continues to fluctuate below the broken ascending support and 131.70 level, while RSI continues to show weakness. Accordingly, we maintain our bearish view for the pair, targeting the 50-days SMA and the main ascending trend line near 128.20 and 127.65 respectively.”

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