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EUR/JPY up on stocks yet again - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, explained that the Yen extended its early week decline on the back of another good day among stocks, with indexes edging higher both in Europe and the US.

Key Quotes:

“Euro advanced favored a EUR/JPY jump up to current levels, stalling around a critical resistance: 100 DMA stands a couple pips above current price, alongside with the 50% retracement of the 141.21/134.13 slide”.

“Having seen practically no retracements after reaching 137.79, risk has turned towards further gains”.

“Technically, the 1 hour chart shows indicators turning flat in overbought territory, while 100 and 200 SMAs finally start to move, gaining some bullish slope well below current price”.

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