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Forex: EUR/JPY puts pressure on 123.80/124.15 proven demand

After being faced with strong area of monthly supply - see April 2010 - at 125.00/128.00, the EUR/JPY is finding it hard to hold ground above that area, with this week's double failure above it bringing into play the area of demand 124.15-123.80, where a first test was timidly rejected on Wednesday, only to be re-threatened again now.

According to Valeria Bednarik, chief analyst at FXstreet.com: "The risk to the downside increases for EYR/JPY. The hourly chart shows price below 100 SMA currently around 125.00 acting as short term resistance, while indicators hold in negative territory. In the 4 hours chart technical readings broke below their midlines although lacking momentum at the time being."

Once below the area of demand mentioned above, Valeria anticipates "the bearish momentum will likely accelerate" she says.

Forex: AUD/JPY prints double high above 99.50

For once in a while, AUD/JPY has spiked to the upside near fresh 4.5-year highs, and it has not been because of Yen weakness. The cross printed fresh session highs at 99.54, few pips shy of previous weekly and 4.5-year Tuesday highs, on impressive Aussie jobs data, showing best monthly result since year 2000, even before the Sydney Olympics.
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