Chart - Courtesy Trading View
EUR/JPY was trading 0.61% lower on the day at 139.59 at around 10:10 GMT. The pair is slipping lower for the 3rd straight session, dips into daily cloud.
Selling pressure around the single currency picked up pace following the disappointing release of the Eurozone PMI prints.
S&P Global/BME German manufacturing and services sectors activity showed downturn gathered pace in July.
Eurozone Manufacturing PMI also unexpectedly contracted in July. Eurozone Manufacturing PMI arrives at 49.6 in July vs. 51.0 expected.
The bloc’s Services PMI dropped sharply to 50.6 in July vs. 52.0 expected and 53.0 prior. While, Composite slumped to 49.4 in July vs. 51.0 estimated and 52.0 previous.
Technical indicators have turned bearish for the pair. Price action has slipped below 21-EMA and is hovering around 200H MA.
The pair has slipped below 23.6% Fib retracement. Next major support lies at 55-EMA at 139.13. Break below will see dip till cloud base.
