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EURJPY Extending Slide Amid Faltering Equities/Weak Eurostoxx Close

FOREX
  • Lower core yields and pressure on European equities are continuing to weigh on EURJPY, extending the day’s decline to 1.30% in recent trade. In the process, the pair has pierced initial support at the 20-day EMA, intersecting today at 158.06. More notable support comes into play between 156.87 and 156.42, the Aug 23 low and the 50-day EMA.
  • Comments from ECB officials have provided additional headwinds for the single currency throughout the session. ECB’s Schnabel stated that recent developments “point to growth prospects being weaker than foreseen in the baseline scenario”. Additionally, ECB’s Holzmann concluded that based on current information his mind is not made up regarding September’s decision.
  • Ahead of tomorrow’s key US data, it is important to note the technical uptrend in EURJPY remains intact and yesterday’s fresh cycle high, reinforces current conditions and confirmed a resumption of the uptrend. This also maintains the bullish price sequence of higher highs and higher lows and moving average studies remain in bull-mode position.
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