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EUR/JPY: Next bullish target at 141.70 - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, with the bullish momentum in EUR/JPY intact following last Friday's BoJ easing/GPIF asset re-allocation announcement, the next upside target looks set to be circa 141.70.

Key Quotes

"Yen crosses advanced average 300 pips on Friday, surging to multi-year highs along with Nikkei that trades at a 7 year high having spiked as much as 5% just in the last hour of trade last Friday, extending over hours its run up to 19666: the EUR/JPY soared to overcome by a handful pips 141.27, September high, now trading at levels last seen in May this year."

"Technically, the 1 hour chart shows RSI following price higher not at 83, with latest advance leaving price well above moving averages, now meaningless for intraday traders. Momentum in the mentioned time frame corrected extreme overbought readings and remains well above its midline, having already erased overbought readings."

"In the 4 hours chart indicators head strongly north despite in extreme overbought levels, supporting now further advances for the upcoming hours. Immediate resistance stands around 141.70, where the daily chart presents several highs and lows from early this year, while unlikely retracements down to 140.40 won’t hurt dominant bullish trend and likely attract buyers if reached."

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