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EUR/JPY chart on Trading View used for analysis
- EUR/JPY extends weakness, trades 0.46% lower on the day at 128.40 at the time of writing.
- Euro dented across the board after eurozone PMIs missed expectations.
- Data released earlier today showed Eurozone flash manufacturing PMI hits 26-month lows of 52.1 in October.
- The composite Euro-zone flash manufacturing PMI touched a 26-month low of 52.1 in October.
- German manufacturing purchasing managers index (PMI) dropped sharply in October, coming in at 52.3 while services PMI also fell to five-month lows of 53.6 versus 55.9 last.
- Italian budgetary concerns continue to weigh on the single currency and we see further weakness into the ECB policy meeting.
- EUR/JPY trades with a bearish bias on the daily charts. Cloud offers support at 128.44. Break below to see further weakness.
- Next major support lies at 61.8% Fib at 127.87 ahead of 126.64 (June 19 low).
- On the flip side, we see immediate resistance at 5-DMA at 128.95. Bearish invalidation above 55-EMA at 129.89.
Support levels - 127.87 (61.8% Fib), 126.64 (June 19 low)
Resistance levels - 128.95 (5-DMA), 129.89 (55-EMA)
Recommendation: Good to stay short below daily cloud, SL: 129, TP: 128.90/ 127/ 126.65
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
