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EUR/JPY moving along the 143 handle in tight channel

FXStreet (Guatemala) - EUR/JPY is trading at 143.10, down -0.10% on the day, having posted a daily high at 143.30 and low at 143.03.

EUR/JPY sticks to its guns above the 143 handle as stocks remain solid in the US and continue to weigh on the Yen. Valeria Bednarik, chief analyst at FXtreet noted that the cross is up over 550 pips since last Thursday’s BOJ announcement with the 1 hour chart showing indicators already stabilized, holding above their midlines with no directional strength at the time being, but far from overbought territory or of suggesting a downward move.

“In the 4 hours chart indicators turned lower with momentum still far from suggesting a stronger bearish corrective move. Yen tends to enter in a tight wait and see mode the Thursday before US NFP, albeit the strength in indexes may continue to favor the pair to the upside: strong resistance stands at 143.80 and some follow through beyond it should lead to an upward acceleration towards 144.50 price zone” – Valeria Bednarik.

EUR/JPY noteworthy levels

Current price is 143.10, with resistance ahead at 143.25 143.26 (Daily Classic R2) and 143.30 (Daily High). Next support to the downside can be found at 143.04 (Hourly 20 EMA), 143.03, 142.93 (Daily Classic R1), 142.36 and 142.32 (Daily Classic PP).

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