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EUR/JPY: Bullish tone continues healthy - FXStreet

FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, notes that EUR/JPY's bullish tone is well and healthy, with today's behaviour on the Nikkei - after being closed yesterday - critical to set the next intraday direction for the pair.

Key Quotes

"A quiet day for stocks across the world, with Japan closed on holidays seeing Nikkei futures up anyway to fresh 7 year highs, and US indexes trading a handful points below the opening by the close, pretty uneventful. Nevertheless, yen continued suffering the consequences of BOJ’s action, as the currency weakened further across the board: the EUR/JPY surged up to 142.55, overcoming May this year monthly high."

"Local share market’s behavior today should be critical as if indexes survive the bunch of negative data coming from China and Australia over the weekend, yen will likely continue down."

"As for the EUR/JPY the 1 hour chart shows indicators barely correcting extreme overbought readings with price doing quite shallow pullbacks alongside with the retracements in indicators, suggesting the bullish tone is well and healthy."

"In the 4 hours chart indicators remain at extreme overbought levels and far from suggesting a reversal, albeit some downward corrections should not be discarded right now. Nevertheless, retracements down to 141.30 will likely be seen as buying opportunities rather than signs of a top coming in place."

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