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Forex: EUR/JPY hovering over 120.00

FXstreet.com (Barcelona) - The pair is hovering over the key mark of 120.00 on Monday, dragged lower by the renewed JPY strength.

I.Spivak, Currency Strategist at DailyFX, comments, “Prices declined as expected after putting in a bearish Harami candlestick pattern. Sellers are now testing below support at 120.43, with a break below that targeting 119.12. Near-term resistance is at 121.49, with a reversal back above that eyeing a formerly broken rising trend line now at 122.68”.

At the moment, the cross is losing 0.50% at 120.12 facing the next support at 119.49 (low Apr.1) ahead of 119.22 (low Feb.27) and then 118.97 (low Feb.26).
On the upside, a breakout of 120.96 (high Mar.28) would expose 121.87 (high Mar.27) and finally 122.00 (psychological level).

Forex Flash: Downside drivers for GBP limited in short-term – UBS

The GBP had its best week since the beginning of February, led by GBP/USD purchases coming from hedge funds. In addition, the EUR/GBP on the other hand was flat. “Barring ongoing negative data surprises, it appears that downside drivers for sterling may be limited in the short-term and entrenched shorts (such as hedge funds in the GBP/USD) are being lifted.” warns Gareth Berry, a Research Analyst at UBS.
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