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EUR/JPY testing grounds in the 137 zone

FXStreet (Barcelona) - EUR/JPY is trading at 136.94, up 0.01% on the day, having posted a daily high at 137.10 and low at 136.49.

EUR/JPY has been a big mover rallying a cent to the topside. It has been still indicated to fail circa 137.25 by Karen Jones, chief analyst at Commerzbank and she said it is possible that we will see a deeper retracement in the near term. “The market is regarded as being under pressure while below the 138.45/52 pivot and a negative bias is entrenched while capped here”.

Fundamentally, the pair has benefited by some better numbers from the EZ and indeed a return to risk sentiment has improved which is never good news for the Yen. Yesterday was a big day for US stocks that left the Yen for dust. The next big event will come over the weekend, and this could be a major impactor on this pair given the nature of the risk that could turn out positive or negative from a global and European perspective. The risk event is of course the ECB’s stress test.

EUR/JPY noteworthy levels

Spot is presently trading at 136.94, and next resistance can be seen at 137.03 (Yesterday's High), 137.10 (Daily High), 137.38 (Weekly Classic R1), 137.57 (Daily Classic R1) and 137.73 (Daily 100 SMA). Next support to the downside can be found at 136.93 (Weekly High), 136.92 (Daily Open), 136.86 (Daily 20 SMA), 136.77 (Hourly 20 EMA) and 136.49 (Daily Low).

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