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FXStreet (Guatemala) - EUR/JPY is currently trading at 129.36 with a high of 130.11 and a low of 128.83.
EUR/JPY has made a minor recovery fro sub the 129 handle, and bulls have maintained the ascending resistance line commencing from the lows of 126.10 that came of the down move from just shy of 131.30 around the start of the month.
However while above 128.65, the cross should maintain a better bid tone and buying on dips could be the strategy that continues within this pair for an extension of the rising channel up to 130 again and beyond, on the short term at least.
Karen Jones, chief analyst at Commerzbank in fact noted that EUR/JPY is inching higher and noted that the 20 day ma had been eroded. "This opens the path to the top of the short term channel at 130.77, where the upmove should start to struggle...A slide below 126.75 will re-target the 126.08 recent low and the 125.77 support line."