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EUR/JPY spikes above 139.00 on BOJ

FXStreet (Moscow) - EUR/JPY  is trading at 139.07, with more than 100-pips gain on the day as JPY is weakening dramatically across the board following the BOJ monetary policy decision.

EUR/JPY was half asleep in 137.80/90 range, but BOJ decision to extend stimulus arouse it from the sleep. The cross jumped to 139.00 pivot and triggered stops clustered above. The upside movement is gaining traction, as speculative and fundamental factors are intensified by technical forces. Once 139.00/10 area is cleared, the cross may extend gains towards 139.40 and then to 139.70. Though, keep in mind that we have EZ inflation data published later during European hours. Weaker numbers may cap EUR upside and trigger profit-taking on long EUR/JPY positions

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.63; initial support levels at 137.17, 136.58 and 136.12 with resistance above at 139.21, 139.67 and 139.90. Hourly Moving Averages are mixed, with the 200SMA bullish at 136.87 and the daily 20EMA flat at 137.08. Hourly RSI is bullish at 77.

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