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EUR/JPY in retreat after and early spike

FXStreet (Moscow) - EUR/JPY  started the day with a huge upside gap at 141.29 against the Friday close at 140.69. Currently the cross is trading at 140.66 after having touched the Asian low at 140.39

EUR/JPY finished the week at 140.69 with more than 300-pips gain. The head-spinning upswing was caused by JPY sell-off following the BOJ’s decision to extend stimulus. While EUR/JPY has been driven mainly by JPY factors lately, EUR-related events may come in the lime light pretty soon. Namely, ECB’s monetary policy meeting scheduled on Thursday is going to attract investors attention and cap EUR/JPY upside for the time being. Now that the morning gap is closed, the cross may resume the upside, though on the intraday basis it is likely be limited by 141.00 resistance. The support comes at 140.39 (Asian low), once it is broken, the downside may be extended towards 140.00.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 139.72; initial support levels at 138.63, 136.59 and 135.50 with resistance above at 141.77, 142.85 and 144.90. Hourly Moving Averages are bullish, with the 200SMA bullish at 137.30 and the daily 20EMA bullish at 137.43. Hourly RSI is bullish at 66.

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