EUR/JPY: Test of the key resistance of 124,80

FXStreet — Currently is the EUR/JPY one-day gain of 0.74 % at 124,77, after the days high at 124,93 and the Low at 123,67 were formed.

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The EUR/JPY has had a good start into the new week, while the Performance of Wall Street was good, and WTI crude oil could rise by around 3% to 49,66$. The movement of the pair began, while the Euro attacked against the Greenback, the 1,10.

EUR/JPY relevant levels

Commerzbank analysts explain: «A price decline should be stopped at the 122,80/121,60 and the market may recover from here. we suspect that the setbacks be flat and the market for new Long positions tried. The long-term Outlook is neutral to positive: The 2015-2017 Downtrend has been eroded and the target is the 50% Retracement and the 200-week MA of 129,55/130,92 is now.»

** FXStreet News Editorial, FXStreet**

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