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EUR/JPY at a loss around 142.00

FXStreet (Moscow) - EUR/JPY  has recovered from the Asian low at 141.81 towards its current level of 142.00; the pair is trading with about 30 pips loss on the day.

EUR/JPY gained more than 100 pips yesterday as JPY continued to weaken across the board on the back of the rate differential story. There were hardly any fundamental factors to support the upside as Eurozone published worse than expected PMI numbers, while Japanese markets were closed for public holiday. The highly speculative nature of the movements raise risks of the downside correction towards 141.00 to say the least. Poor EZ economic growth forecasts released by European Commission later today, may increase the downside pressure on the single currency across the board. Once EUR resume its downside trip, EUR/JPY can follow the lead and reverse some of its recent gains. On the intraday basis the support comes at 141.81 (Asian low), once it is broken, the downside may be extended towards 141.00, while 142.55 resistance (Monday’s high) may cap the upside

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 141.70; initial support levels at 140.82, 139.51 and 138.63 with resistance above at 143.01, 143.89 and 145.20. Hourly Moving Averages are bullish, with the 200SMA bullish at 138.02 and the daily 20EMA bullish at 137.87. Hourly RSI is bullish at 56.

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