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EUR/JPY retreats from highs

FXStreet (Edinburgh) - EUR/JPY is now testing the 140.00 key support after hitting multi-week peaks in the 140.50 neighbourhood.

EUR/JPY helped by the BoJ

The recent BoJ announcements in today’s meeting triggered a sharp JPY selling across the board, boosting the cross to levels last seen in mid-September around 140.50. The weakness surrounding the Japanese currency does not seem to give up at the moment, supporting today’s break above the psychological mark at 140.00. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “We will assume an upside bias while above 137.05, the low seen on the 30th October. Below here will neutralise the chart again”.

EUR/JPY levels to consider

The cross is up 1.79% at 140.22 with the next hurdle at 140.80 (hourly high Sep.19) followed by 141.21 (high Sep.29) and then 142.38 (high May 8). On the flip side, a break below 139.22 (hourly low Oct.21) would expose 137.03 (low Oct.30) and then 136.90 (low Oct.28).

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