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EUR/JPY gains the reliable 137 resistance

FXStreet (Barcelona) - EUR/JPY is trading at 137.11, up 0.14% on the day, having posted a daily high at 137.22 and low at 136.88.

EUR/JPY has continued to offer trading opportunities and is now tackling the upside at the 137 level that has played a key roll in containing the upside attempts. The pair has been over a 120 pip move from news around the ECB stress test results and then the disappointing IFO numbers for Germany. EUR/USD offers came in thick and fast overnight, partly on that basis, while the USD/JPY had been trading with a bearish bias. The pair has managed a positive drift into Asia up to meet the key 108 hurdle. However, the cross remains in bearish territory clearly evident on the charts, and pressured below the 138 handle’s resistance.

EUR/JPY noteworthy levels

Current price is 137.11, with resistance ahead at 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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