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EUR/JPY trading below pivot and consolidated in to Asia

FXStreet (Guatemala) - EUR/JPY is currently trading at 128.00 with a high of 128.86 and a low of 127.59.

EUR/JPY has been offered down through the pivot and trades with a bearish bias as we start to move across to early Asia. Still, there is come way to go yet until the bears manage to take the cross down to the lows, and the correction higher of the 131.00 downtrend remains intact.

In respect of levels, Karen Jones, chief analyst at Commerzbank noted that recent highs at 131.30 and 131.52 and the March 18 high at 131.67 and the February low at 132.00 offer formidable resistance and while capped here,she explained the market remains offered while Interim resistance is offered by the 20 day ma at 129.27.

"Only a close below the 126.91 March low will trigger losses to the June 2013 low at 124.24 enroute to the 122.70/121.95 200 week moving average and 50% retracement. "

USD/JPY: 125 by year end? - Rabobank

In respect of USD/JPY, Jane Foley, Senior Currency Strategist noted that the cost of Brent in yen has been rising since the start of the year.
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