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EUR/JPY chart on Trading View used for analysis
- EUR/JPY slips lower from 2-week highs at 129.32 after Eurozone manufacturing PMI deteriorates in October.
- The IHS Markit Eurozone Manufacturing PMI declined to a level of 52.0 in October from 53.2 in September and was broadly unchanged on the earlier flash reading of 52.1.
- The headline IHS Markit/BME Germany Manufacturing PMI also fell for the third month running in October.
- The index stood at a 29-month low of 52.2 in October, from 53.7 in the previous month. but remained above the crucial 50.0 mark.
- Intraday bias in EUR/JPY is slightly bullish. Stochs and RSI are biased higher and MACD is on verge of bullish crossover on signal line.
- The pair holds above 5-DMA support and eyes 110-EMA at 129.71 on bullish continuation. Weakness likely on slip below 5-DMA.
Support levels - 128.28 (5-DMA), 127.87 (61.8% Fib)
Resistance levels - 129.71 (110-EMA), 130.30 (200-DMA)
Recommendation: Stay long above 129, target 129.70/ 130
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
