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Forex: EUR/JPY higher above 125 on Yen weakness

EUR/JPY is currently at 125.33, off fresh session highs at 125.48, higher by +0.33% for the week so far mostly on Yen weakness, as EUR/USD prints fresh session lows at 1.3333 and USD index climbs to 1-month highs above 80.5. USD/JPY trades at 2-day highs 93.98, following Abe comments in parliament and a kind of permissive G20 meeting in Moscow over the weekend.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “The hourly chart shows price aiming higher near 200 SMA in the hourly chart, offering resistance at current levels, while indicators head north in positive territory. The 4 hours chart however, shows indicators below their midlines, with not enough upward strength yet,” Valeria says, expanding: “Still the pair is biased higher as long as above 124.80 in the short term, with a break above 125.95 confirming further gains  towards 126.60 price zone,” she concludes.

Support levels are seen by Valeria at: 124.80, 124.30 and 123.75, while resistance levels at: 125.50, 125.90 and 126.60.

Forex: USD/JPY building a 'complex' topping - FXA

After early evidence that the USD/JPY may be building a top above 94.00, the recent rebound off the 20-day EMA back to 94.00 is still not an indication that the topping formation is over, says FXA partner David Solin, who think we are still at "an ideal area to form an important top for at least a few weeks/month, and even longer."
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Forex: USD/JPY breaks 94.00; Abe talking down the Yen

The Yen continues to be talked down by Japanese politicians, with the latest spike (currently underway) just breaking above 94.00 after Japan's Prime Minister Mr. Abe just said that "buying foreign bonds could be among future option for the BoJ..." As a reminder for readers, the purchase of overseas bonds by Japan is seen as a riskier, unorthodox option to keep expanding the central bank's balance sheet, having negative connotations for the Yen value in the eyes of speculators. After the headline, the USD/JPY recorded its session highest at 94.10.
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