FxWirePro: EUR/JPY extends weakness for the fourth straight session, eyes 23.6% Fib

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FxWirePro: EUR/JPY extends weakness for the fourth straight session, eyes 23.6% Fib

Friday, July 1, 2022 12:41 PM UTC

Chart - Courtesy Trading View

EUR/JPY was trading 0.73% lower on the day at 141.19 at around 11:55 GMT.

The pair is extending weakness for the fourth straight session, outlook remains bearish.

Eurozone Manufacturing PMI dropped to a fresh 22-month low in June, data released earlier on Friday showed.

S&P Global Eurozone Manufacturing PMI fell to 52.1 (final) from 54.6 in May, slightly better than the market expectation and the flash estimate of 52.

Technical indicators are biased lower. Price action has slipped below 21-EMA. Momentum is bearish, volatility is high.

The pair is on track to test 23.6% Fib at 139.56. Further weakness will see dip till 55-EMA at 138.93.

Support levels - 139.56 (23.6% Fib), 138.93 (55-EMA)

Resistance levels - 141.37 (21-EMA), 142.45 (5-DMA)

Summary: EUR/JPY trades with a bearish bias. Scope for test of 23.6% Fib at 139.56 ahead of 55-EMA at 138.94.

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