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EUR/JPY testing key support at 133.80

FXStreet (Mumbai) - The EUR/JPY pair erased gains and fell back in the red below 134 handle and now tests the key support seen at 133.80 on hourly charts.

EUR/JPY drops as USD/JPY pares gains

Currently, the EUR/JPY pair trades -0.09% lower at 133.88, struggling below 134 handle. The EUR/JPY cross came under renewed selling pressure after the yen pares losses versus the US dollar on the back of easing risk-on sentiment across the financial markets.

While the offered tone remains intact as the EUR/USD pair remains weak as the recent streak of weak Euro zone fundamentals continue to weigh on the EUR. The main focus now remains the ISM manufacturing report and jobless claims from the US later in the day.

EUR/JPY Technical Levels

To the upside, the next resistance is located at 134.24 (Today’s High) levels and above which it could extend gains to 134.72 (Sept 23 High) levels. To the downside immediate support might be located at 133.53 (Sept 30 Low) below that at 133.11 (Sept 23 Low) levels.

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