EUR/JPY chart - Trading View
EUR/JPY has trimmed some of the early losses and was trading at 128.60 at around 12:55 GMT, up from session lows at 128.29.
The single currency caught some bids after upbeat German data, but a sluggish vaccination campaign across the eurozone is likely to keep downside pressure.
The preliminary manufacturing activity report from IHS/Markit research showed German manufacturing sector outperformed in March. The index hit highest since April 1996.
German Preliminary Manufacturing PMI rises to 66.6 in March vs. 60.8 expected. Services PMI in Germany expands to 50.8 in Mar vs. 46.2 expected.
The IHS Markit Flash Germany Composite Output Index jumped to 37-month highs of 56.8 in March vs. 51.6 expected and February’s 51.1.
Recovery attempts in the pair lack traction. Bears likely to drag prices lower. Scope for test of 55-EMA at 127.98 ahead of 50-DMA at 127.76. Retrace above 21-EMA will negate further bearish bias.
