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EUR/JPY drops to lows near 135.40

FXStreet (Edinburgh) - A softer tone in the EUR is now pushing EUR/JPY back to test session lows in the 135.50/40 band on Thursday.

EUR/JPY retreats from highs above 136.00

The cross is coming down after printing intraday highs around 136.20 overnight, following growing selling interest around the single currency after the US data-induced rally on Wednesday. Next of relevance in the euro area will be the final reading from the CPI, expected to drop to 0.3% YoY, while Foreign Bond Investment figures will be released in Japan. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “has held sideways following its break below the 135.73 August low. This suggests that the next leg lower is underway towards the 133.51/23.6% retracement of the move up from 2012”.

EUR/JPY levels to consider

At the moment the cross is losing 0.26% at 135.63 with the next support at 135.16 (low Oct.15) ahead of 135.04 (2014 low Oct.14) and then 135.00 (psychological level). On the flip side, a breakout of 136.23 (high Oct.16) would aim for 136.50 (Tenkan Sen) and finally 136.55 (high Oct.14).

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