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EUR/JPY consolidating above the pivot

FXStreet (Guatemala) - EUR/JPY is currently trading at 134.68 with a high of 135.72 and a low of 134.41.

EUR/JPY has edged lower over the course of the US session, slowing its descent into a drift and remains below the 20 SMA on the hourly chart. Equities were in recover mode on Wall Street after a weak Nonfarm Payrolls result last week, but the euro was sold off in London and dragged the cross lower, unable to recover.

The FOMC minutes are this week and should the tone be dovish, coupled with the back-drop of a poor outlook from the Nonfarm Payrolls results, equities may continue to trade in a positive trend exposing the Yen to the downside.

EUR/JPY levels

Technically, MACD on the hourly is turning less negative with the price stabilizing ahead of the 200 SMA on the same time frame at 134.49 at time of writing. A period of consolidation above the pivot (134.47) is taking place with RSI (14) below its midline indicating further moves to the downside on a break of the pivot, targeting 133.50 that has been a support since May of this year on a number of occasions. A break of this level to the downside would expose 131.80.

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