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

The 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...


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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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