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Forex pairs in this Article » EUR/USD (Barcelona) - Having posted a morning high at 144.87, EUR/JPY has steadily declined to where it is presently trading at 143.76.

EUR/JPY declines accelerates following EZ PMIs

The Euro has weakened today, counteracted by a strengthening USD and a declines in some EUR pairs. With Japanese markets closed and USD/JPY hovering close to its 5 year high of 105.44, and EUR/USD tumbling past key support levels, EUR/JPY has followed suit, breaking below the hourly 100 SMA on its descent to where it is presently trading at 143.76. This morning saw better than expected European Manufacturing PMIs, with the exception of France, and the Eurozone composite data made highs since 2011.

What are today’s key EUR/JPY levels?

Hourly RSI sits at 30, on the border of oversold territory, with ADX neutral at 25. The hourly 200 SMA sits at 143.67 and climbing, with the daily 20 EMA at 142.35 rising also. Spot has broken through all pivot support, so now S3 at 144.21 can be considered resistance. Looking at clusterings of technical levels, there is strong resistance ahead between 144.53-87, but to the downside, there is little support ahead. A break below last weeks low at 143.12, leaves spot exposed to a move to 142.76 where the weekly Classic PP S1 support sits.
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