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EUR/JPY eyes next target; 2008 highs

FXStreet (Guatemala) - EUR/JPY is trading at 146.28, up 0.90% on the day, having posted a daily high at 146.73 and low at 144.98.

EUR/JPY has stalled at 146.40/60 with a relatively modest gain on the day considering the ground the euro has made elsewhere. What is worth noting is the level that the pair is now at in relation to where it was a year ago. We have broken the long term resistance and this brings in the 150.61 2008 highs into focus.

The Euro is firm on the German ZEW results and has dragged the crosses higher with it. However, the EUR/JPY rallied on two counts given the middle of December snap election confirmed in Japan and the 18 month delay to the tax rise, supporting a recovery in the Japanese economy being good for stocks and USD/JPY and Yen crosses. Continued weakness in the yen should keep the bulls appetite towards higher levels but caution while play out around the ECB's monetary policy requirements.

EUR/JPY noteworthy levels

Current price is 146.28, with resistance ahead at 146.56, 146.73 (Daily High), 146.99 (Weekly Classic R1), 147.21 (Daily Classic R2) and 147.86 (Daily Classic R3). Next support to the downside can be found at 146.09 (Daily Classic R1) and 145.72 (Hourly 20 EMA).

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