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EUR/JPY needs a break of 137.60 to convince less committed bulls

FXStreet (Guatemala) - EUR/JPY is trading at 137.01, down -0.11% on the day, having posted a daily high at 137.21 and low at 137.00.

Analysts at Rabobank explained that the EUR has been one of the poorest performing developed world currencies over the past month as fears of continuing weak growth in the Eurozone emphasises the ECB’s threat of further monetary policy accommodation. Meanwhile, Valeria Bednarik, chief analysts at FXStreet noted that the the 4 hours chart shows indicators turning south in neutral territory. “Having been as high as 137.60 last week, it would take a price acceleration trough the level to confirm a continued rally, with critical support standing at mentioned 136.70 price zone”.

EUR/JPY hourly levels

Spot is presently trading at 137.03, and next resistance can be seen at (Hourly 20 EMA), 137.15 (Daily 20 SMA) and 137.17 (Weekly High). Next support to the downside can be found at 137.00 (Daily Low), 136.90 (Hourly 100 SMA), 136.81 (Hourly 200 SMA), 136.77 (Yesterday's Low) and 136.75 (Daily Classic S1).

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