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EUR/JPY chart - Trading View
EUR/JPY trades below 115 handle, has hit lows unseen since Nov 2016. The pair is extending marginal gains after 3 straight sessions of downfall.
After hitting session highs at 114.98, the pair has erased gains and was trading at 114.78 at around 08:10 GMT.
German industrial production data released earlier today followed all other German macro indicators and plunged considerably in March.
Industrial production fell by 9.2% month-on-month, from 0.3% MoM in February. On the year, industrial production was down by almost 12%.
The data follows the largest drop on record in manufacturing orders data Wednesday, which showed a 15.6% decline in orders on an adjusted basis.
Baring the construction sector activity which saw an increase by some 2%, all other sectors dropped significantly, of which drop by more than 30% MoM in the automotive industry was worth noting.
Technical studies suggest further downside. MACD on the weekly charts supports weakness. ADX is rising with negative DMI dominance which adds to the bearish bias.
The pair trades in 'Symmetric Triangle' pattern. Breach below raises scope for test of 88.6% Fib at 112.43. Bearish invalidation only above 200-DMA.
