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Forex: EUR/JPY holds above 55 day SMA at 122.00

FXstreet.com (Barcelona) - EUR/JPY is last at 122.53, off daily lows at 122.02, and -1.62% lower for the week. The cross managed to close the gap down it started the week with, but has been unable to move any higher, printing weekly highs on Wednesday at 124.52, same quote it closed past Friday with. New BoJ's chief Kuroda held a press conference in late Tokyo hours, early London, insisting in his “whatever it takes” version to end deflation.

According to FXWW founder Sean Lee: “EUR/JPY is the lead pair in all of this volatility and I see scope for much deeper falls in this cross,” the analyst suggests. “The gap on the short-term charts back to Friday’s 124.50 level was closed perfectly yesterday,” Sean noted, adding: “The daily chart shows that prices have held above the 55-day MA, now at 122.00, since mid-November and a break below there could set off another round of medium-term trailing stops,” he concludes.

Immediate support to the downside for EUR/JPY lies at Thursday's lows 122.02, followed by Tuesday's lows at 121.80, and Monday's weekly lows at 121.50. To the upside, closest resistance shows at Monday's Asia-Pacific session lows 122.70, followed by March 08 lows at 123.80, and Tuesday's highs/March 14 lows at 124.10.

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