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FXStreet (Mumbai) - The EUR/JPY pair extended losses to trade below 127.00 levels as the benchmark bond yield in Germany fell to record low for the second consecutive session.
Trades below hourly 50-MA
The pair currently trades at 126.80; below the hourly 50-MA located at 127.02 levels. The shared currency is being offered tracking losses in the bond yields across the Eurozone. The German 10-year yield fell to a record low of 0.087% on Thursday; down 2.2 basis points for the day.
Meanwhile, the Japanese Yen remained well supported due to fresh signs of weakness in the US Treasury yields. Given the absence of a major economic data releases out of the Eurozone today, the pair is likely to track the bond yield differential.
EUR/JPY Technical Levels
The immediate support is seen at 126.69, under which losses could be extended to 126.25-126.30. On the flip side, a break above 127.02 (hourly 50-MA), could lead to 127.84 levels.