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EUR/JPY supply comes at key 147.40 level

FXStreet (Guatemala) - EUR/JPY is trading at 147.09, down -0.11% on the day, having posted a daily high at 147.32 and low at 147.09.

EUR/JPY has had a good run overnight, making new highs on the week through 147.40, but has since tailed off and has accelerated from a drift to a dip below the 147.20 support and US Tuesday's highs and resistance zone. This is a disappointment for the bulls as through and above 147.40 on a convincing break, another run up to the current November high at 149.12 and the August 2007 low at 149.25 may well be on the cards, as Karen Jones, chief analyst at Commerzbank, explained that these areas are in focus on the upside and together with the psychological 150.00 level. “Above here will target the 78.6% retracement of the move down from 2008”.

EUR/JPY other noteworthy levels

Spot is presently trading at 147.10, and next resistance can be seen at 147.20, 147.45, 147.63 (Daily Classic R1) and 148.04 (Monthly High). Next support to the downside can be found at 147.08 (Hourly 20 EMA), 146.96 (Daily Classic PP), 146.95 (Hourly 100 SMA) and 146.68 (Hourly 200 SMA).

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