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EUR/JPY bulls take a break at 137.58

FXStreet (Moscow) - EUR/JPY returned to the opening level of 137.58 after moving in a range limited by 137.73 on the upside and 137.46 on the downside.

EUR bears vs. JPY bears

A confirmed daily close above 137.50 is all EUR/JPY bulls need to continue their ride towards 138.00 in the nearest future. EUR is under pressure agains most majors, but it is well positioned for a good rally against JPY as long as the Japanese currency is weakening on rate differential theme and improved risk sentiments. During European hours the cross dynamics might be influenced by EZ flash PMI numbers, technical factors and knock on effects of potential USD rally. The bulls will do their best to stay above 137.50. Shoud they succeed, the upside might extend towards the current Asian high at 137.76 en route to 138.00. The downside may be limited by 137.40/30 on intraday basis.

What are today’s key EUR/JPY levels?

Today's central pivot point can be found at 137.43, with support below at 137.16, 136.74 and 136.47, with resistance above at 137.85, 138.12, and 138.54. Hourly Moving Averages are bullish with the 200SMA bullish at 136.98 and the daily 20EMA neural at 137.18. Hourly RSI is bullish at 63

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