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EUR/JP to advance further while above 128.10 - FXStreet

FXStreet (Bali) - EUR/JPY looks poised to advance further as long as 128.10 contains the downside, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

"The EUR/JPY cross surged up to 128.54 by the US close, as dollar weakness alongside with EUR's recovery pushed it to a fresh weekly high."

"Technically, the 1 hour chart shows that the price struggles around its 200 SMA whilst the technical indicators are beginning to look exhausted near overbought levels."

"In the 4 hours chart however, the technical indicators maintain a strong upward momentum, with the 100 SMA heading lower around 129.00."

"The pair is positioned to extend its advance as long as 128.10 contains the downside, with a break above 129.00 signaling a probable test of the 130.00 level."

USD may struggle to regain momentum - BNP Paribas

Daniel Katzive, FX Strategist at BNP Paribas, notes that the USD may struggle to regain its momentum following a very weak set of data releases in the US during Q1.
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