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Forex: EUR/JPY testing the 132.00 barrier

FXstreet.com (Barcelona) - The EUR/JPY rebounded off of support and earlier lows incurred during the European session (131.57), as the majority of its losses were consequently pared Monday. However, the cross still is trading negatively and in these moments is testing the 132.00 barrier at 131.92/98, still down -0.15%.

According to the Mataf.net analyst team, the EUR/JPY will encounter its next short-term supports at 131.53, followed by 130.98, and 130.62. Conversely, the pair is slated to face resistance at 132.44, then 132.80, and ultimately 133.35.

“After breaking-out of the triangle pattern, the EUR/JPY extended the bullish slightly above 132.00 level, however the RSI is showing a bearish divergence, suggesting we may see a pullback this week if the pair fails to hold above 132.00. Therefore, we prefer to remain on the sidelines awaiting confirmation.” warns the ICN.com Technical Analyst Team.

Commodities Brief – Precious metals retreat off highs, bearishness outlooks loom

Gold prices traded unevenly overnight, following soft Chinese data and the realistic scenario that a steadfast recovery in China is not as clear-cut as previously thought. Following a dip in price on Friday, the bearish bias is still favored, however a daily close below 1440.00 is needed to confirm further downside this week. As such, prolonged stability below 1440.00 will confirm the completion of a minor double top pattern, and hints the resumption of the overall bearish wave. The price of gold has fallen off the 1437 handle from earlier, to now test USD $1429.54 per oz. in these moments.
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