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EURJPY Rebound Stalls at the 100-Day Moving Average

March 25, 2020

EURJPY is trading higher for the fourth day in a row as the risk appetite returns to markets after the Fed announced that it was ready to provide all the necessary liquidity in order to combat the coronavirus impact. Other central banks and governments around the globe have also stepped in with monetary and fiscal stimulus. 

On the economic data, the Australian Manufacturing PMI came in at 50.1 above the expectations of 50 in March. The Australian Composite PMI dropped from 49 to 40.7, and the Services PMI came in at 39.8 below the expectations of 48.3.

In the European data, the German Markit Manufacturing PMI came in at 45.7 above the forecasts of 39.6 in March, while the PMI Composite registered at 37.2, below the forecasts of 40.6. The Services PMI came in at 34.5, below the forecasts of 42.3. The European Monetary Union Manufacturing PMI registered in at 44.8, topping the forecasts of 39 in March. 

On the technical side first resistance stands at 120.42 the 100-day moving average. More selling pressure will be met at 120.96 the high from March 3. 

On the flipside, immediate support for the pair stands at 119.14 the 50-day moving average at 119.92. The next level to watch is at 118.81 the daily low, which guards the 117.71 the low from March 23. 

EURJPY
EURJPY Daily Chart

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