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EUR/JPY rises above 123.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/JPY extended gains in the US session to trade above 123.000 levels as Yen continues to get offered against the greenback.

    Trades above 100-MA

    Cross currently trades just above hourly 100-MA located at 123.08 levels. EUR/USD pair managed to keep its bid tone intact in the US session and is attempting gains above 1.13 levels. Meanwhile, Yen is being offered since European session as oil began the gap filling exercise.

    USD/JPY is now trading above Friday’s low of 108.74 levels after having clocked a low of 107.84 levels earlier today. Moreover, losses in the US and European stocks failed to keep the bid tone around JPY intact. Consequently, EUR/JPY turned higher from the low of 121.71 levels.

    EUR/JPY Technical Levels

    The immediate hurdle is seen at 123.16 (5-DMA), above which the cross could target 123.38 (hourly 200-MA). On the other hand, failure to sustain above hourly 100-MA of 123.08 would open doors for a re-test of 122.75 (hourly 50-MA).
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