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EUR/JPY consolidating after Nonfarm Payrolls

FXStreet (Guatemala) - EUR/JPY is currently trading at 134.42 with a high of 134.76 and a low of 133.98.

EUR/JPY has started to settle after a volatile period post the dreadful Nonfarm Payrolls. The price has been trading between a 50 pip range, with both the euro and yen was under demand on the release of the data. USD/JPY dropped from the vicinity of 120.40 down to 118.67 and lowest level since the start of September while EUR/USD rallied from 1.1150 to 1.1315.

Analysts at Brown Brothers Harriman explained that the shockingly poor data will make upcoming numerous Fed official comments, including Fischer later today, all the more important. "Most observers did not expect an October move in any event. Officials may reassure that the Fed is looking at the larger picture, but it will take firmer employment data to convince a skeptical market."

EUR/JPY levels

Technically, EUR/JPY rallied through the 134.33 and rallied from the 20 SMA on the hourly chart, but fell short of the 134.80 resistance. Karen Jones, chief analyst at Commerzbank explained that we still view the market as having topped and look for a slide back to the 132.24/131.80 recent low and 61.8% retracement. "Slightly longer term we remain negative and we target the 2013-2015 support line at 127.65. Initial support is at 131.80, then at the 129.28 78.6% Fibonacci retracement of the April-to-June rise."

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