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4 Mar 2015
EUR/JPY slips to fresh 4-week lows below 133
FXStreet (Mumbai) - EUR/JPY extended losses and slid to fresh four month lows in the European session, after upbeat German and EMU services PMI data failed to lift the shared currency.
EUR/JPY drops from 133.20 levels
Currently, the EUR/JPY cross sank -0.59% at fresh monthly lows of 133 levels, dropping from 133.20 levels before the data release. The cross in EUR/JPY dropped sharply largely on the back of a tumbling euro across board after the EU court said that the ECB doesn't have the power to dictate clearing location and lost the case to the UK.
Moreover, as traders continue to ignore impressive euro fundamentals ahead of the ECB meeting tomorrow as the central bank sets to launch the QE program. Losses in EUR/JPY were further accelerated on a strengthening yen against the US dollar.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 133.63 and above which it could extend gains to at 134 levels. To the downside immediate support might be located at 132.49 levels below that at 132 levels.
EUR/JPY drops from 133.20 levels
Currently, the EUR/JPY cross sank -0.59% at fresh monthly lows of 133 levels, dropping from 133.20 levels before the data release. The cross in EUR/JPY dropped sharply largely on the back of a tumbling euro across board after the EU court said that the ECB doesn't have the power to dictate clearing location and lost the case to the UK.
Moreover, as traders continue to ignore impressive euro fundamentals ahead of the ECB meeting tomorrow as the central bank sets to launch the QE program. Losses in EUR/JPY were further accelerated on a strengthening yen against the US dollar.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 133.63 and above which it could extend gains to at 134 levels. To the downside immediate support might be located at 132.49 levels below that at 132 levels.