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Forex: EUR/JPY closes the gap at 124.50

FXstreet.com (Barcelona) - Following worst trade deficit on record in Japan mostly due because of increasing imports, at fastest pace since late 2011, EUR/JPY is currently retracing to 124.16 near session lows from recent fresh weekly highs at 124.51. The cross printed mentioned highs on the back of USD surging against Yen following latest FOMC, closing the gap down to 121.54 EUR/JPY started the week with, while Nikkei index climbs above the 12600 points mark printing yet another fresh 4.5-year high, up +1.37% for the day so far.

“EUR/JPY has closed its gap on the charts,” FXWW founder Sean Lee remarks, “which is an impressive feat given the reportedly heavy short-covering of Yen positions by some of the major hedge funds,” the analyst says. “I’d use this 124.50 level as an intraday pivot,” Sean suggests. Japan comes back from a bank holiday yesterday, with new BoJ team in full charge, insisting on its 2% inflation target to be met as soon as in 2 years.

Immediate resistance to the upside for EUR/JPY shows at mentioned yesterday's weekly highs 124.50, followed by March 14 highs at 125.23, and Friday's highs at 125.80. To the downside, closest support lies at March 08 lows 123.78, followed by Tuesday's London session lows at 123.12, and March 01 highs at 122.20.

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