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EUR/JPY before NFP volatile around 117.20

EUR/JPY is looking for direction as it trades around 117.20 ahead of key US economic data on Friday’s multi-week low.

After three days of pullback, the pair remains resilient at the bottom of 117.00, the fourth week of lost weeks in a row. Growing fears of a recession weigh on the greenback, benefiting its rivals such as the euro, GBP and JPY.

The US 10-year yield fell 1.52% to its lowest level since early September, benefiting JPY demand. From the economic calendar, we next expect the release of the monthly labor market data, which is likely to show a slowdown in new hires.

Technical Levels

S1  117.16

S2  117.13

S3  117.07

R1  117.24

R2  117.29

R3  117.32

 

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