EUR/JPY bulls sitting on the fence, marginally above 138.00

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FXStreet (Moscow) - EUR/JPY has reached the intraday high at 138.25 on the back of broadband JPY weakness; currently the cross is trading at 138.10, somewhat indecisive ahead of European opening.

JPY dependent

EUR/JPY turned out to be a big winner on Tuesday as the cross gained more than 100 pips and managed to overcome two psychologically important levels (137.00 and 138.00). The strong movement was caused by Japanese yen weakening on the back of speculations about possible reallocation of pension funds assets. This theme will continue influencing the market sentiments today. Though, during European hours the investors’ focus may shift onto EZ retail sales numbers and Service PMI reports. They may influence the ECB meeting expectations.

What are today’s key EUR/JPY levels?

The cross is currently trading at 138.06, while the initial support is seen at 138.00/137.99 (current Asian low). It is followed by 137.50 and 137.20; the resistance is seen at 138.25 and followed by 138.45.
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