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EUR/JPY rage bound and consolidating at pivot

FXStreet (Guatemala) - EUR/JPY is trading at 145.40, up 0.29% on the day, having posted a daily high at 145.53 and low at 144.98.

EUR/JPY has been consolidated at these levels within a cent range from yesterday’s business and today's post the GDP result in Japan and adjustments in positioning on both the Nikkei and USD/JPY and subsequent Yen crosses. Focus now turns towards whether there will be a snap election before year-end and the timings of that.

Such an event would possibly support USD/JPY and the Japanese equity markets according to analysts at Nomura, but on the other hand, uncertainty around this event could favour the Japanese currency until decisions are made and we get an outcome one way or the other. For Abe, it could mean a further four years to his mandate which would give him the time to implement the unpopular tasks that he wishes to put in place, such as the sales tax increase in order to curb Japans massive debt burdens.

EUR/JPY noteworthy levels

With spot trading at 145.40, we can see next resistance ahead at 145.44 (Daily Classic PP) and 145.80. Support below can be found at 145.18 (Hourly 20 EMA), 144.99 and 144.54 (Weekly Classic PP).

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