EUR/JPY cross is extending gains above 126.00 handle as Fed rate hike talk is hurting JPY more than the common currency. Will it breach the range? The question now is whether the currency pair will manage to breach a week long range of 125.00-126.600 on the higher side. The lower end has been challenged repeatedly through last one week, but bulls managed to defend the same, eventually raising the prospects of an upside break. However, the cross is struggling to take out technical hurdle around 126.20. Given the data calendar in the US is light, the trend in the cross would be largely influenced by the impact of rising Fed rate hike bets on USD/JPY and EUR/USD. EUR/JPY Technical Levels The immediate hurdle is noted at 126.27 (previous day’s high), above which the cross could make an attempt to cut through 126.62 (Mar 17 high) and target 126.94 (50-DMA). On the other hand, a breakdown of immediate support at 125.50 (daily low) would expose support at 125.00 and 124.67 (previous day’s low). For more information, read our latest forex news.