EUR/JPY Outlook (24 June 2021)
ByJin Dao Tai
JUN 24, 2021
Overall, EUR/JPY is trending downwards.
The French flash PMI data released yesterday indicated continued expansion of business activities amid the lifting of lockdown restrictions, allowing economic recovery to be more sustainable.
- French Flash Manufacturing PMI (Actual: 58.6, Forecast: 59.0, Previous: 59.4 revised from 59.2)
- French Flash Service PMI (Actual: 57.4, Forecast: 59.6, Previous: 56.6 revised from 50.4)
The German Flash PMI data released yesterday indicated business activities continue to expanded at a faster pace in June.
- German Flash Manufacturing PMI (Actual: 64.9, Forecast: 63.0, Previous: 64.2 revised from 64.0)
- German Flash Services PMI (Actual: 58.1, Forecast: 55.8, Previous: 52.8)
The eurozone flash PMI data released yesterday indicated business activities in June expanded at the fastest pace for 15 years.
- Flash Manufacturing PMI (Actual: 63.1, Forecast: 62.4, Previous: 63.1 revised from 62.8)
- Flash Services PMI (Actual: 58.0, Forecast: 58.1, Previous: 55.2 revised from 55.1)
The German ifo Business Climate data (Forecast: 100.8, Previous: 99.2) will be released later at 1600 (GMT+8).
Currently, EUR/JPY is moving towards the resistance zone of 132.800 and the next support zone is at 130.800.
Look for short-term selling opportunities of EUR/JPY if it bounces off the resistance zone of 132.800.
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