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EUR/JPY extends decline to fresh 10-month low

FXStreet (Córdoba) - EUR/JPY lost more than a hundred pips in the last hours and tumbled to 135.07 reaching the lowest price since November 21, 2013. Yesterday the pair opened the week hitting news lows but managed to recover and finished the day with modest gains.

During the Asian session EUR/JPY continue to recover ground and peaked at 136.53, highest since last Friday. Then lost momentum and after economic data from Germany (decline in the ZEW survey) and the Eurozona (higher than expected decline in Industrial Production) accelerated the decline.

Price broke below 135.50 (October 13 low) and slump to 135.07. From the lows rebounded slighty but found resistance around 135.40. Currently trades near the lows as USD/JPY remains below 107.00 and EUR/USD around 1.2650.

EUR/USD supported at 1.2640

The current EUR weakness seems to have found some buying interest in the vicinity of 1.2640, with EUR/USD now attempting to partially trim earlier losses...
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