EUR/JPY: Bears in control, drops further to 132.60

By FXStreet FXStreet (Mumbai) – The cross in the EUR/JPY failed to resist 133 handle and dropped sharply after the European open, mainly driven by broad euro weakness.

EUR/JPY rejected near 10-DMA

Currently, the EUR/JPY pair trades -0.30% lower at 132.63, hovering close to fresh session lows struck at 132.59 last minutes. A sudden bout of buying interest around the US dollar, weighed heavily on the EUR/USD, thus dragging EUR/JPY lower.

While the yen trades muted against its American counterpart, despite a negative performance seen on the European stocks. In the day, the cross will be influenced by the sentiment on the Wall Street and the US factory orders data.

EUR/JPY Technical Levels

To the upside, the next resistance lies at 133.09/133.12 (10-DMA + Today’s High), above which it could extend gains to 133.40/59 (Oct 30 & 28 High). To the downside, the cross finds immediate support at 132.50 (psychological levels), below that 132.28 (daily S2), could act as a major support.
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Source:: FX Street