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EUR/JPY rally capped on the 137 handle

FXStreet (Guatemala) - EUR/JPY is trading at 136.97, up 0.19% on the day, having posted a daily high at 137.21 and low at 136.61.

EUR/JPY at 137.20 was too far too soon for the pair after the rally from the base of a 3-month down channel at 135.48. Karen Jones, chief analyst at Commerzbank explained,“The market is bouncing but should remain capped by the top of its 3-month channel at 138.01. We remain overall bearish and targets are the 133.50/23.6% retracement of the entire move from 2012-2013 en route to 130.00. Above 138.01, key resistance lies at 140.00/36, the 2014 downtrend”.

EUR/JPY hourly levels

Spot is presently trading at 136.97, and next resistance can be seen at 136.99 (Hourly 200 SMA), 137.20 (Daily 20 SMA), 137.22 (Daily Classic R2) and 137.52 (Daily Classic R3). Support below can be found at 136.97 (Daily Classic R1), 136.84 (Hourly 20 EMA), and 136.83 (Weekly Classic PP).

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