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EUR/JPY may find 137 hard work on the bid

FXStreet (Barcelona) - EUR/JPY is trading at 136.89, up 1.02% on the day, having posted a daily high at 137.03 and low at 135.21.

EUR/JPY has attempted the 137 handle but may find tough work of this level given the amount of congestion there has been historically and the lack of conviction yet to be seen through EUR/USD. However, we did have a positive run on data from the EZ earlier, with the Eurozone October flash PMIs surprised on the upside. Composite eurozone PMI rose to 52.0 vs. 51.5 consensus and 52.0 in September, and that coupled with the hawkish comments by Bundesbank President Weidmann who said that the consensus in the ECB is that deflation risks are low. Markets are normalised towards the close of this week and that isn’t helping the yen.

EUR/JPY noteworthy levels

Spot is presently trading at 136.90, and next resistance can be seen at 137.03 (Daily High), 137.38 (Weekly Classic R1), 137.76 (Daily 100 SMA), 138.37 (Weekly Classic R2) and 139.18 (Daily 200 SMA). Support below can be found at 136.90 (Weekly High), 136.85 (Daily 20 SMA), 136.82 (Daily Classic R3), 136.52 (Daily Classic R2) and 136.26 (Hourly 20 EMA).

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