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EUR/JPY choppy trading targets 137 handle

FXStreet (Barcelona) - EUR/JPY is trading at 136.91, down -0.11% on the day, having posted a daily high at 137.39 and low at 136.59.

EUR/JPY has been a mover. With the open on European markets, the pair’s strength was sold into post the relief rally and opening gap in Asia that came with the ECB stress test results. The IFO numbers for Germany had been sighted to be poor and the release confirmed this. EUR/USD supply was heavy and the USD/JPY has been offered through key support of the 108 handle and continues to target the downside.

However, the cross has now gathered some pace again back to test the 137 handle with EUR/USD picking up on some poorer US data on the open with US pending home sales growing just 0.3% in September versus the 0.5% gain expected. Meanwhile, taking into account of the recent ranges, Karen Jones, chief analyst at Commerzbank explains that the cross is to be regarded as being under pressure while below 138.45/52 and a negative bias is entrenched while capped here. “We continue to target the 133.51/23.6% retracement of the move up from 2012”.

EUR/JPY noteworthy levels

Current price is 136.91, with resistance ahead at 137.06, 137.27 (Daily Classic R1) and 137.48 (R2) and 137.87 ahead of key 138.50. Next support to the downside can be found at 136.90 (Hourly 20 EMA), 136.88 (Daily 20 SMA), 136.67 (Daily Classic S1) and 136.27 ahead of 136.07 (S3).

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