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Forex: EUR/JPY struggling below 126.00

EUR/JPY has moved back to Friday's post-NFP highs, last at 125.94, off 126.02 highs, on the back of Yen weakness. The cross is up +0.78% for the week so far, following rumors of new monetary policy easing measures as soon as next week, when incoming new BoJ chief Kuroda steps into office, Eamonn Sheridan at ForexLive reported, citing an article from Nikkei newspaper. Nikkei index opens above the 12450 points for first time since Sept 2008, up +0.85% for the day so far.

“The EUR/JPY managed to extend above the 125.00 area and nears 126.00 early Asian session with the hourly chart showing technical readings aiming higher in positive territory,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “Yen weakness has accelerated after US employment data, thus Euro strength seems temporal, as market remains bearish in the common currency. Therefore, gains should remain limited, or be short lived in the pair: above 126.00, the rally may extend towards 126.50 before starting to fade,” she concludes.

Valeria finds support levels at: 125.45, 125.00 and 124.60, while resistance levels at: 126.00, 126.50 and 126.90.

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