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EUR/JPY testing the downside, with limited upside

FXStreet (Guatemala) - EUR/JPY is trading at 145.04, down -0.43% on the day, having posted a daily high at 146.56 and low at 144.79.

EUR/JPY, despite the turmoil around the Yen, has managed to hold onto the 145 handle with supply attempts to break the level, even reaching as far as 144.80 support. However, the upside seems limited fundamentally and failures around 146 could lead to retracement. Karen Jones, chief analyst at Commerzbank sights the 142.45/141.10 regions in such an event. “Below 141.10 would trigger losses to the 139.44, then 138.19, the recent retracement”. Having said that, a break of 146 could lead us up to the next resistance area to speak of is the August 2007 low at 149.25, as Jones suggested, that opens up the 150 psychological handle.

EUR/JPY noteworthy levels

Spot is presently trading at 145.05, and next resistance can be seen at 145.18 (Hourly 20 EMA), 145.28 (Daily Classic PP) and 145.67 ahead of 146.00. Support below can be found at 144.81, 144.69 (Daily Classic S1), 144.54 (Weekly Classic PP) and 144.43 (Hourly 100 SMA).

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