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EUR/JPY bouncing off lows, eyes on 131.00

FXstreet.com (Barcelona) - The cross is extending its recovery after bottoming in the area of 130.20 on Friday, currently attempting to regain the key resistance at 131.00.

According to I.Spivak, Currency Analyst at DailyFX, “Price declined as expected to find support at 130.34, the 23.6% Fibonacci retracement. The pair is reversing downward anew after mounting a shallow recovery to retest the 14.6% level at 131.65. A break below support aims for the 38.2% Fib at 128.19. Alternatively, a turn back above 131.65 aims for trend line support-turned-resistance 132.39”.

The cross is now losing 0.42% at 130.92 with the next support at 130.18 (low May 30) followed by 129.95 (low May 23) and then 129.60 (low May 9). On the flip side, a breakout of 131.32 (MA21d) would expose 131.47 (MA200h) and finally 132.15 (high May 28).

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