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EUR/JPY highs capped and moving to a drift lower

FXStreet (Guatemala) - EUR/JPY is trading at 147.10, down -0.02% on the day, having posted a daily high at 147.18 and low at 147.09.

EUR/JPY has been sent along in a sideways drift after continued gains onto the 147 handle where it now meets soft supply capping the rally for the time being. The stock markets in European and the US were supportive of Yen crosses and we now await Tokyo to step in and see whether a strong open from Japan coming back to desks taking on risk might elevate the cross further and bring 148.00 back into the picture.

We have a big week ahead in respect of event risks, while the BoJ present minutes of their recent meeting with a speech from Kuroda today, we unlikely hear anything new that we don’t already know, but Japan offers other key data later in the week worth noting including employment, retail sales, and inflation.

EUR/JPY noteworthy levels

With spot trading at 147.10, we can see next resistance ahead at 147.22 (Hourly 100 SMA), 147.40 and 147.67 (Daily Classic R1). Support below can be found at 147.09 (Low), 146.83 (Hourly 20 EMA), 146.67 (Daily Classic PP), 146.61 (Weekly Classic PP) and 145.97 (Hourly 200 SMA).

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