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Forex: EUR/JPY 400 pips above yesterday's lows

FXstreet.com (Barcelona) - EUR/JPY is currently at 128.72, sitting at the 61.8% Fibo retrace of latest down leg started last Thursday at the fresh 3-year high 131.07 and finished yesterday in late NY session after the Boston bombing attacks at 124.85. The cross has recovered around 400 pips from there on the back of Euro strength mostly, but also coupled with relative Yen weakness.

The cross is actually finding some resistance around Friday's lows topping for the day at 129.04 asks, about flat for the week at this point, and still below Monday's weekly highs at 129.31. Economic agenda for the present session has no risk events in schedule. According to IFR Markets, once the cross would close in the hourly bars above the “129.34 hurdle,” analysts say, “will put in play the 2013 peak at 131.10,” they add.

Immediate resistance to the upside for EUR/JPY shows at recent daily high/Friday's lows 129.04, followed by Monday's weekly high/April 10 lows at 129.34, and Thursday's low/last Fibo retrace of mentioned down leg at 129.71. To the downside, closest support lies at April 09 lows 128.38, followed by Monday's London session lows at 127.51, and April 05 Asian session highs at 125.65.

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