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FxWirePro: EUR/JPY struggles at 55-EMA, poor advanced manufacturing PMIs in Germany and the euro bloc dent EUR

EUR/JPY chart on Trading View used for analysis

  • EUR/JPY struggles to extend gains above 55-EMA, trades at 125.66 at 1120 GMT.
     
  • Euro zone PMI data released earlier today showed the flash services PMI of France, Germany and Euro Zone came above expectations while manufacturing PMI came slightly less than estimate. 
     
  • However, disappointing advanced prints from manufacturing PMIs in Germany and the euro bloc appear to have exacerbated concerns over the deterioration in the bloc’s fundamentals.
     
  • Poor advanced manufacturing PMI has casted further shadows over the probability of any action on rates from the ECB this year.
     
  • The minutes of the European Central Bank's (ECB) January meeting, also scheduled for release today, are likely to reiterate growth concerns.
     
  • The shared currency continues to look to developments from the US-China trade talks for near term direction.

Support levels - 125.30 (5-DMA), 125.07 (21-EMA), 124.22 (Feb 15 low)

Resistance levels - 125.71 (55-EMA), 126, 126.84 (110-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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-1541 %

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