EUR/JPY Slips Over 85 Pips – European Economic Events Disappoint - Forex News by FX Leaders

EUR/JPY Slips Over 85 Pips – European Economic Events Disappoint

Posted Wednesday, January 2, 2019 by
Arslan Butt • 1 min read

The Japanese currency pair EUR/JPY took a sharp bearish turn on the release of manufacturing PMI figures from the Eurozone, causing a more than 85 pips sell-off in EUR/JPY .

According to a survey, the European economic events showed limited marks for optimism as the new year begins. The Eurozone manufacturing activity barely expanded at the end of 2018 in a broad-based slowdown.

The unexpectedly disappointing figures came just after the European Central Bank concluded its 2.6 trillion Euro asset purchasing scheme. It’s signaling that the ECB may need to keep the rates on hold for a longer period of time than expected earlier.

EUR/JPY – Technical Levels
Support Resistance
125.77 125.94
125.69 126.02
125.52 126.19
Key Trading Level: 125.85

The EUR/JPY may find next support around 124.150 and 123.850. While the resistance is likely to be found around 125.250.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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