The Euro maintained its bullish bias against the Japanese Yen with support on the downside at 121.00.
There is a crucial bullish trend line formed with support at 121.30 on the 4-hours chart of EURJPY.
Today in Japan, the Services Purchasing Managers Index (PMI) for April 2017 released by Markit Economics posted a decline from 52.9 to 52.2.
Today in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) for April 2017 will be released by the Markit Economics, which is forecasted to remain stable at 56.8.
EURJPY Technical Analysis
The Euro opened green this week against the Japanese Yen above 121.00. The EURJPY pair currently remains in the bullish zone, and could trade well above 122.00-20 in the near term.On the downside, there is a major support formed at 120.80 and 121.00. There is also a crucial bullish trend line formed with support at 121.30 on the 4-hours chart.Moreover, the 38.2% Fib retracement level of the last wave from the 118.91 low to 122.17 high may also act as a barrier for sellers near 120.82.Overall, the trend is up for EURJPY, and the pair might soon break 122.20 for further gains.
Japanese Services PMI
Recently in Japan, the Services Purchasing Managers Index (PMI) for April 2017 was released by Markit Economics. The market was aligned for the Services PMI to decline from 52.9 to 52.5.The result was on the lower side, as there was a decline to 52.2. On the other hand, the report stated that “Japanese manufacturers indicated a stronger rate of growth in output during April. However, this was insufficient to prevent a fall in the Nikkei Composite Output Index to 52.6 from March’s 19-month high of 52.9“.Later today, there are many PMI releases lined up in the Euro Zone, which might impact the Euro pairs, including EURJPY for the next move above 122.20-30.
Economic Releases to Watch Today
UK’s Manufacturing PMI for April 2017 – Forecast 54, versus 54.2 previous.
Germany’s Manufacturing PMI for April 2017 - Forecast 58.2, versus 58.2 previous.
Euro Zone Manufacturing PMI for April 2017 – Forecast 56.8, versus 56.8 previous.
Spanish Manufacturing PMI for April 2017 – Forecast 53.9, versus 54.4 previous.
France Manufacturing PMI for April 2017 – Forecast 55.1, versus 55.1 previous.
Italian Manufacturing PMI for April 2017 – Forecast 55.7, versus 56.0 previous.
Euro Area Unemployment Rate March 2017 – Forecast 9.4%, versus 9.5% previous.
On the downside, there is a major support formed at 120.80 and 121.00. There is also a crucial bullish trend line formed with support at 121.30 on the 4-hours chart.Moreover, the 38.2% Fib retracement level of the last wave from the 118.91 low to 122.17 high may also act as a barrier for sellers near 120.82.Overall, the trend is up for EURJPY, and the pair might soon break 122.20 for further gains.
The result was on the lower side, as there was a decline to 52.2. On the other hand, the report stated that “Japanese manufacturers indicated a stronger rate of growth in output during April. However, this was insufficient to prevent a fall in the Nikkei Composite Output Index to 52.6 from March’s 19-month high of 52.9“.Later today, there are many PMI releases lined up in the Euro Zone, which might impact the Euro pairs, including EURJPY for the next move above 122.20-30.