Forex: EUR/JPY holds at 118.70/75 ahead of EMU PMI
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EUR/JPY
FXstreet.com (Barcelona) - Yen weakness brought the EURJPY to as high as 119.30 ahead of European time. Now, despite expectations for Markit manufacturing PMI data in Eurozone countries, the cross was seen easing. Area at 118.70/75 seems to be holding the market against a more prolonged correction.
The preliminary French manufacturing PMI eased to 42.9 from 44.6 in January (consensus of 45.1), and the Spanish unemployment rate rose from 25% to 26.02% in Q4 2012. Investors await manufacturing figures in Germany and the EMU, as well as current account in the Eurozone.
As the EURJPY holds its 6 week uptrend at 117.33, reinforced by the 2 month uptrend at 115.64, the upmove is expected to re-assert: "Initial target is the 120.75 recent high and then 121.55, the 61.8% retracement of the move down from the end of 2009 en route to the 123.00/33 2011 high and 38.2% retracement of the move down from 2008", wrote analyst Karen Jones.
The preliminary French manufacturing PMI eased to 42.9 from 44.6 in January (consensus of 45.1), and the Spanish unemployment rate rose from 25% to 26.02% in Q4 2012. Investors await manufacturing figures in Germany and the EMU, as well as current account in the Eurozone.
As the EURJPY holds its 6 week uptrend at 117.33, reinforced by the 2 month uptrend at 115.64, the upmove is expected to re-assert: "Initial target is the 120.75 recent high and then 121.55, the 61.8% retracement of the move down from the end of 2009 en route to the 123.00/33 2011 high and 38.2% retracement of the move down from 2008", wrote analyst Karen Jones.
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