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FOREX: EURJPY Through Thursday Lows as Multiple Factors Weigh

FOREX
BulletMarketsForeign Exchange Bullets
  • In late trade, EURJPY is continuing to gravitate south, breaching the Thursday lows of 156.32 in recent trade. While trend signals continue to point to bearish sentiment for the cross, there are multiple factors weighing on Friday.
  • The weaker-than-expected French services PMI set the tone for the single currency, and the late weakness for major US equity benchmarks has underpinned the souring risk sentiment, weighing on both EURUSD and EURJPY. Price action has since been exacerbated by the lower US yields following the soft US data and Donald Trump proclaiming that it is not important for Zelenskiy to be at the peace talks regarding the Russia/Ukraine conflict.
  • EURJPY is now at the lowest since early February, as spot narrows the gap to the bear trigger of 155.61. Furthermore, a trendline drawn from the August 2022 lows currently intersects just above this point, bolstering the significance of this area of support. Clearance would resume the downtrend, and signal scope for a deeper selloff towards 154.42-1.5323.
  • Aside from headline flow, attention now is on Sunday's German federal election, as well as Monday's Germany IFO Business Climate Index - whose manufacturing sub-print, contrary to its PMI equivalent, has continued to trend downwards in recent months.

 

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  • In late trade, EURJPY is continuing to gravitate south, breaching the Thursday lows of 156.32 in recent trade. While trend signals continue to point to bearish sentiment for the cross, there are multiple factors weighing on Friday.
  • The weaker-than-expected French services PMI set the tone for the single currency, and the late weakness for major US equity benchmarks has underpinned the souring risk sentiment, weighing on both EURUSD and EURJPY. Price action has since been exacerbated by the lower US yields following the soft US data and Donald Trump proclaiming that it is not important for Zelenskiy to be at the peace talks regarding the Russia/Ukraine conflict.
  • EURJPY is now at the lowest since early February, as spot narrows the gap to the bear trigger of 155.61. Furthermore, a trendline drawn from the August 2022 lows currently intersects just above this point, bolstering the significance of this area of support. Clearance would resume the downtrend, and signal scope for a deeper selloff towards 154.42-1.5323.
  • Aside from headline flow, attention now is on Sunday's German federal election, as well as Monday's Germany IFO Business Climate Index - whose manufacturing sub-print, contrary to its PMI equivalent, has continued to trend downwards in recent months.