Overall, EUR/JPY is trending downwards. Recently, EUR/JPY rejected the resistance zone of 130.000.
During the monetary policy meeting yesterday, the European Central Bank (ECB) held its monetary policy unchanged. No discussions on quantitative easing were made. With the recent revision in inflation target, the central bank has revised its forward guidance on interest rates, stating its expectation that interest rates will remain at the current or lower levels until inflation is approaching its 2% target in the medium term as well as sustaining for the rest of the ECB’s projection horizon.
The French flash PMI data will be released later at 1515 (SGT).
- French Flash Manufacturing PMI (Forecast: 58.4, Previous: 59.0 revised from 58.6)
- French Flash Service PMI (Forecast: 58.7, Previous: 57.8 revised from 57.4)
The German Flash PMI data will be released later at 1530 (SGT).
- German Flash Manufacturing PMI (Forecast: 64.2, Previous: 65.1 revised from 64.9)
- German Flash Services PMI (Forecast: 59.4, Previous: 57.5 revised from 58.1)
The eurozone flash PMI data will be released later at 1600 (SGT).
- Flash Manufacturing PMI (Forecast: 62.6, Previous: 63.4 revised from 63.1)
- Flash Services PMI (Forecast: 59.4, Previous: 58.3 revised from 58.0)
Currently, EUR/JPY is moving towards the resistance zone of 130.000 and the next support zone is at 128.500.
Look for short-term selling opportunities of EUR/JPY if it bounces off the resistance zone of 130.000.
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