FxWirePro: EUR/JPY slumps over 1.10%, dismal Eurozone PMIs weigh

Chart - Courtesy Trading View 

EUR/JPY was trading 1.11% lower on the day at 142.30 at around 10:35 GMT.

The pair has slipped below 5-DMA after Dragonfly Doji formation in the previous session.

Common currency under pressure after Eurozone manufacturing sector's pace of expansion disappointed once again in June.

The Eurozone Manufacturing purchasing managers index (PMI) arrived at 52.0 in June vs. 53.9 expectations and 54.6 last. The index hit a two-year low.

The bloc’s Services PMI dropped sharply to 52.8 in June vs. 55.5 expected and 56.1 prior. The indicator reached five-month lows.

The S&P Global Eurozone PMI Composite slumped to 51.9 in June vs. 54.0 estimated and 54.8 previous. The gauge booked the lowest level in 16 months.

Dismal data fueled worries over a possible recession, which might derail the European Central Bank's plan to tighten its monetary policy.

Major trend in the pair is bullish. 200H MA is immediate support at 141.44. Break below will drag the pair lower.