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EUR/JPY recovering from Asian lows

FXStreet (Moscow) - EUR/JPY  has reversed from Asian low at 142.48 and has climbed to 142.86 so far. The pair is trading with 20-pip gain on the day

EUR/JPY retraced from fresh 2014 high reached yesterday during Asian session. The cross was affected by EUR sell-off across the board following Draghi’s comments about further easing. While the head of the ECB hardly said anything new, some experts raised their expectations for additional stimulus in Europe. This bodes well with FED-ECB monetary policy divergence theme and consequent EUR weakness. Later during the day we have German Industrial Production and Trade Balance reports, though they are likely to be overshadowed by US Non-Farm Payrolls. EUR/JPY may experience a period of volatility, but daily close below 143.00 would suggest that the downside correction might gain traction. The nearest support lies at 142.48 (Asian low) and at 142.18 (Thursday’s low)

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 142.98; initial support levels at 141.72, 140.91 and 139.64 with resistance above at 143.79, 145.06 and 145.87. Hourly Moving Averages are bullish, with the 200SMA bullish at 140.30 and the daily 20EMA bullish at 139.15. Hourly RSI is bullish at 51.

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