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Forex: EUR/JPY range bound above 132.00

FXstreet.com (Barcelona) - EUR/JPY is last at 132.03, near session lows, and flat for the week so far. The cross has been range bound for last 24 hours, hitting a fresh 4-year high at 132.41/33 early Monday in the Asia-Pacific and in late NY, while printing weekly lows in early London trade at 131.55. EUR/JPY is up +16.17% year to date according to Reuters, and +28.42% in last 6 months.

“The hourly chart shows that while price consolidates gains, technical readings had wiped overbought readings and turned flat in neutral territory, showing the little selling interest around yen crosses,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com. “In the mentioned time frame, both 100 and 200 SMA’s head higher below current price, supporting the positive tone in the pair that however remains limited by euro weakness,” the analyst adds.

“4 hours chart shows indicators regaining the upside, in positive territory, although lacking momentum at the time being,” Valeria expands, concluding: “Despite dips are still seen as buying opportunities, range is expected to continue dominating the pair in the short term.”

Valeria finds support levels at: 131.90, 131.50 and 131.00, while resistance levels at: 132.40, 132.90 and 133.40.

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The Aussie continued its decline today, closing down 47 pips at 0.9954. This was the first time the pair has closed below parity since all the way back in June 2012. Economic data out of Australia will be light in the coming session. However, we will see NZD Retail Sales, as well as a very busy European economic release schedule which could also have an influence on future direction.
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