- EUR / JPY continues with a bullish clarification.
- From Monday’s floor, it accumulates a rise of more than 250 pips.
The combination of the EUR / USD rebound with the USD / JPY rise continues to fuel the EUR / JPY rally. The crossing climbed to 132.64 on Wednesday, the highest level since last Thursday. The price remains in the area of ​​the highs with the bullish tone intact, but to accumulate a rise of 260 pips from the low in months to which it fell on Monday at 130.03.
The euro is advancing for the third day in a row against the yen. The advance of the USD / JPY was added that of the EUR / USD. Eurozone PMI data had no major impact.
The PMI figures were mixed, with data below expectations in France and better in Germany. The Eurozone index showed a preliminary June reading of 63.1 in manufacturing (equal to May), and a jump to 58 (consensus 57.5) from 55.2 in services. “With economies reopening faster than expected, the jump in the Eurozone PMI indicates that growth in the second quarter with inflationary pressures increased even more,” argue ING analysts.
EUR / JPY testing resistance at 132.50 / 60
The EUR / JPY has been breaking several key resistances on this bounce from the 130.00 area. It is now testing the 132.50 / 60 area, a horizontal resistance. From rising above, the next level is the 20-day moving average at 133.00. Looking ahead to the next few hours, a return below 132.40 could draw strength from the euro. Next support is at 132.20 followed by 131.95 and 131.45.
Technical levels
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