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EUR/JPY: Bulls extending recovery on key support

FXStreet (Mumbai) - The cross in the EUR/JPY extends its gradual recovery mode in mid-Asia, with the bulls clings clinging onto the strong support located near 135.30 region, the confluence of 20 & 50-DMA.

EUR/JPY bid on EUR recovery

Currently, the EUR/JPY pair gains 0.08% to 135.46, unable to extend beyond 135.50 in last hours. The EUR/JPY cross keeps pushing higher in Asia, having found fresh bids just ahead of 135 handle on several occasions, while the broad based recovery in the shared currency continues to underpin.

While the dollar-yen pair trades in narrow ranges around 119.50 levels, awaiting fresh macro data from the US in the day ahead. While Fed speaks, including the speech from Fed chair Yellen will be closely heard for any hint over the timing of the Fed rate-hike.

EUR/JPY Technical Levels

To the downside, the cross finds immediate support at 135.29/33 (Today’s Low & 20, 50-DMA) below that 135.02/135 (Oct 19 Low & round number), could act as a major support. While, to the upside, the next resistance lies at 135.71/85 (hourly 100 & 200-SMA), above which it could extend gains to 136 (psychological levels).

Gold extends losses in Asia, eyes hourly 200-SMA

The looming uncertainty over a Fed rate hike coupled with persisting worries of the health of China’s economy continues to keep the yellow metal suppressed.
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