22 Aug 2013
EUR/JPY soars after bolstering PMI data in Euro zone
FXstreet.com (Athens) - EUR/JPY ihas headed higher, as encouraging PMI data in
Euro area boosted the demand for the single currency.
Germany’s PMIs came in higher than expected and solidly above 50. The manufacturing component came in at 52.0, the highest in two years, while the services component was at 52.4. As a whole, the Euro-area PMIs beat expectations rising to 51.3 for manufacturing and 51.0 for services and 51.7 for the composite. This marked the first expansion in the services component in 19 months. On the other hand, the BOJ suggesting a willingness to provide additional stimulus, should the economic recovery falter.
Technical outlook on EUR/JPY
At the time of writing, EUR/JPY is trading as of 131.35 up 0.70%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 130.03, 129.71, 129.38 and resistance at 131.42, 131.75 and 132.08, respectively.
Euro area boosted the demand for the single currency.
Germany’s PMIs came in higher than expected and solidly above 50. The manufacturing component came in at 52.0, the highest in two years, while the services component was at 52.4. As a whole, the Euro-area PMIs beat expectations rising to 51.3 for manufacturing and 51.0 for services and 51.7 for the composite. This marked the first expansion in the services component in 19 months. On the other hand, the BOJ suggesting a willingness to provide additional stimulus, should the economic recovery falter.
Technical outlook on EUR/JPY
At the time of writing, EUR/JPY is trading as of 131.35 up 0.70%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 130.03, 129.71, 129.38 and resistance at 131.42, 131.75 and 132.08, respectively.