EUR/JPY struggles to regain 99.00

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EUR/JPY struggles to regain 99.00

FITITOL--> FXstreet.com (Córdoba) - The euro trimmed losses against the yen and managed to climb back above the 99.00 mark as the post-ECB sell-off lost momentum during the American afternoon.

EUR/JPY hit a 6-day low of 98.78 in the wake of the ECB's decision to cut its benchmark rate to a record low of 0.75%, but found support at that level and rebounded slightly. At time of writing, EUR/JPY is quoting at the 99.00/05 area, still recording a 100-pip or 1.0% loss on the day.

In terms of technical levels, in case of further euro weakness, next supports are seen at 98.80, 98.50 and 98.30, while in case of recoveries resistances could be found at 99.30, 99.50 and 100.00.