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EUR/JPY: Mild positive tone coming from technicals - FXStreet

FXStreet (Bali) - EUR/JPY">EUR/JPY is starting to show some positive technical signs, although with EUR also weakening across the board, caution is warranted, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

"Yen weakness outstands on Wednesday despite the uneventful action in stocks markets, with most of US indexes hovering around their opening levels. Some news coming from Japan suggests the country is considering adding 1T of stimulus, which should continue to undermine any possible yen strength, something yet to be confirmed."

"The EUR/JPY however, quickly approaches the 137.60 level with the news, with the hourly chart showing a mild positive tone coming from technical readings, as price advances above flat moving averages, while indicators stand in positive territory, not yet reflecting latest advance. In the 4 hours chart technical readings present also a bullish tone yet gains should remain limited if EUR continues weakening across the board."

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