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Forex: EUR/JPY stalls below the 130 handle

FXstreet.com (Barcelona) - EUR/JPY is last at 129.74, off fresh 3-year highs at 130.10 printed in late NY trade on the back of Euro strength climbing barely above the 1.31 handle for first time since March 15. According to FXstreet.com Team: “persistent buying interest was spotted at 128.82/72 throughout last European session, after a strong wave of buyers came in producing a demand-sensitive level that still holds strong despite being tested in multiple occasions,” the analyst noted.

“Technical readings maintain the bullish tone seen on previous updates,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, “both in the short and the long term, and while the EUR may weaken, JPY will hardly see a reason to appreciate,” she adds. “Short term supported by 129.60 area, downside corrections may see the pair testing 128.40, although steady gains above 130.00 should signal fresh yearly high close to 131.00 for today,” the analyst concludes.

Valeria spots support levels at: 129.60, 129.00 and 128.40, while resistance levels at: 130.00, 130.80 and 131.40.

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