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EURJPY Under Renewed Pressure As Risk Sentiment Dented

FOREX
  • The lower-than-expected US ISM Services PMI has refreshed concerns for US activity, prompting a further correction to the downside in major US equity indices and the front-end of the US yield curve. E-mini S&P futures have fallen over 1.5% from Tuesday’s peak and cross/JPY has fallen victim to the shift in sentiment.
  • In particular, AUDJPY and EURJPY are showing losses of around 1%. The former can be explained by the residual bearish sentiment following the RBA’s unchanged decision while EURJPY’s fresh weakness has built momentum with EURUSD trading back below the prior tech resistance at 1.0930.
  • Last Friday, EURJPY made a small marginal high above the March 2 high at 145.57 but price has since seen a substantial reversal to the downside.
  • On the downside, initial firm support is seen at 142.84, the 50-day EMA which has briefly been tested today and a weekly close below this average would be considered a bearish development.
  • German IP tomorrow morning, however, obvious focus turns to US non-farm payrolls on Friday where consensus is currently looking for a +240k print and average hourly earnings of +0.3% M/m.
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