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EUR/JPY: testing 132.00 recovering overnight losses

FXstreet.com (London) - The cross has recovered its losses from overnight, having dumped around half a big figure on the back of Japans economic minister sighting and commenting that further weakness of the Yen could be ‘harmful’ to their economy.

The pair has been enjoying levels not seen since 2009 where the yen has largely been abandoned in the recent shifts in market forces. It has resumed its positioning within a decisive move back to test 132.00 the figure with last weeks yearly highs of 132.79 as a target ahead of a busy European calendar this week. 131.50 is a key support line and the market may use close's either above or below this level to decide upon a short or long positioning in the pair.

In Euroland, German PPI arrives early on Tuesday, PMI on Thursday and GDP and IFO for Friday. Also to watch out for are the FED minutes affecting the pair in the EUR and Yen where the market has been pricing in comments with regards to ending the QE cycle.

USD/JPY is supported at 102.50 with resistance 103.15 in a trend on a short-term basis that has been to the upside targeting 105.00 psychological level. The trading range for this week is sighted within key support 100.35 and 105.05 in an ascending channel. The market will be listening out for either hawkish or dovish announcements around the BoJ monetary decision on May 22nd.

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