Weak Japanese manufacturing data has weighed on the Yen, thus making ADS Securities' team of analysts agree on Bullish EURJPY above 119.00.
3 April, ADS Securities – The Euro continued to witness a sharp sell-off on Friday after Germany’s retail sales declined at the fastest pace since late 2014 in February coupled with a weaker than expected inflation data in the Eurozone.
Bullish EURJPY above 119.00
On the 1H chart, the pair is trading with a bullish showing, as the manufacturing activity in Japan rose less than market expectations in March. Moreover, the MACD indicator has recently witnessed a signal line crossover from below, further validating the above stance.
The key technical obstacle is located at the 119.00 level, a breakout above which might trigger positivity in the pair, paving way for the 119.15 and 119.25 where EMA 55 is placed. On the contrary, key support is placed the 118.80 level, followed by the 118.65 and 118.55 levels. A breach below the latter might further weaken the pair.
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