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EUR/JPY dips to lows around 135.70

FXStreet (Edinburgh) - EUR/JPY is now following the softer tone around the euro, dropping to fresh intraday lows in the 135.75/70 band on Wednesday.

EUR/JPY capped at 136.20

The cross is retreating for the third consecutive session so far, coming down from recent peaks around 137.00 the figure, all within the broader correction from September tops just above the 141.00 handle. A wider Japanese trade deficit added selling pressure to the yen during the Asian hours, although the recent ECB rumours seem to still be weighing on the European currency. “The market is regarded as being under pressure while below the 138.45 pivot and a negative bias is entrenched while capped here”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

EUR/JPY levels to watch

The cross is now down 0.35% at 135.62 and a break below 135.00 (psychological level) would expose 134.15 (2014 low Oct.16). On the upside, the immediate resistance lines up at 136.20 (high Oct.22) ahead of 136.89 (high Oct.21) and finally 137.00 (high Oct.20).

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