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EUR/JPY hits fresh 3-weeks highs above 137

FXStreet (Mumbai) - The cross in the EUR/JPY keeps pushing higher during the European session, extending its northward journey into a second-day, largely benefitting from a broadly lower US dollar amid risk-aversion widespread ahead of the Fed decision.

EUR/JPY supported at 136.10

Currently, the EUR/JPY pair trades 0.61% higher at 136.98, within a shouting distance of three-week highs ahead of 137 handle. The EUR/JPY cross remains strongly bid on the back of strengthening euro as European indices fall.

Whilst, a weaker yen versus the US dollar following the recent weak Japan’s fundamentals and news, also contributes to the gains in the EUR/JPY cross.

Today’s Fed decision is seen as markets' most closely watched event in years. Markets are fairly evenly split on whether the long-awaited rates normalization will kick off, but the market is pricing around 30% odds.

EUR/JPY Technical Levels

To the upside, the next resistance is located at 137.35 (July 31 High) levels and above which it could extend gains to 137.83 (July 13 High) levels. To the downside immediate support might be located at 136.11 (Today’s Low) below that at 135.68 (Sept 11 Low) levels.

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