Back

EUR/JPY breaking lower near 136.50

FXStreet (Mumbai) - After facing rejection at 137 levels on Tuesday, the EUR/JPY cross remains subdued near the mid-point of the 136 handle in the early European trades largely as the shared currency erased early gains and turned negative versus the US dollar while a stronger yen also drags the pair lower.

EUR/JPY drops from 136.86

Currently, the EUR/JPY pair trades -0.13% lower at fresh lows of 136.48, heading for a retest of previous lows at 136.31. The cross edged lower pressured by rising yen versus the US dollar after upbeat retail sales data boosted the Japanese currency.

Adding to further downside, EUR/USD wiped-out gains and peeked into the red as the greenback resumed its previous upbeat momentum, reversing the profit-booking slide seen in Asia.

Markets now turn their attention towards the key FOMC decision scheduled for release later in the New York session amid lack of fresh fundamentals as the European calendar remains data-light for yet another day.

EUR/JPY Technical Levels

To the upside, the next resistance is located at 136.99 (July 28 High) levels and above which it could extend gains 137.17 (July 27 High) levels. To the downside immediate support might be located at 136.31 (July 28 Low) below that at 135.69 (July 27 Low) levels.

Kiwi flies in Asia on RBNZ Wheeler, FOMC – In Focus

The New Zealand dollar rose sharply higher above 0.67 handle in the Asian session following RBNZ Governor Wheeler’s speech while the Aussie surrendered gains, although clinged to 0.73 barrier. The yen gained versus its US counterpart on the back of above estimates Japanese retail sales data.
Read more Previous

GBP/USD struggles to extend gains above 1.56

The GBP/USD bulls are having a tough time extending gains above 1.56 since the NY as investors avoid making big bets ahead of the FOMC statement due for release today.
Read more Next