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EUR/JPY keeps highs around 137.00

FXStreet (Edinburgh) - EUR/JPY is looking to keep the area of session highs around the key handle at 137.00 on Friday.

EUR/JPY contained near 135.50

The cross is now attempting to break above the consolidation pattern around 136.50/137.00 after bottoming out in the mid-135.00s in yesterday’s session (weekly lows). The euro is now gathering pace after the ECB informed that 25 banks in the euro area failed to pass the stress tests, although the current EUR strength is yet to be reflected in the cross. “The market is regarded as being under pressure while below the 138.45/52 pivot and a negative bias is entrenched while capped here”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/JPY levels to consider

At the moment the cross is losing 0.04% at 136.86 with the next support at 136.55 (low Oct.24) and then 136.31 (hourly low Oct.23). On the upside, a break above 137.08 (high Oct.24) would clear the way to 137.68 (Kijun Sen).

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