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EUR/JPY Outlook (26 July 2021)

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EUR/JPY Outlook (26 July 2021)

ByJin Dao Tai

 JUL 26, 2021

EUR/JPY Outlook (26 July 2021)

Overall, EUR/JPY is trending downwards. Recently, EUR/JPY moved into the resistance zone of 130.000.

The French flash PMI data released last Friday indicated continued expansion in business activities albeit at a slower rate.

  • French Flash Manufacturing PMI (Actual: 58.1Forecast: 58.4Previous: 59.0 revised from 58.6)
  • French Flash Service PMI (Actual: 57.0Forecast: 58.7Previous: 57.8 revised from 57.4)

The German Flash PMI data released last Friday indicated a record high in the pace of expansion of the services sector while the manufacturing sector continues to expand at a faster pace.

  • German Flash Manufacturing PMI (Actual: 65.6Forecast: 64.2Previous: 65.1 revised from 64.9)
  • German Flash Services PMI (Actual: 62.2Forecast: 59.4Previous: 57.5 revised from 58.1)

The eurozone flash PMI data released last Friday indicated that the services sector expanded at a 15-year high pace while the manufacturing sector continued to expand albeit at a slightly slower pace.

  • Flash Manufacturing PMI (Actual: 62.6Forecast: 62.6Previous: 63.4 revised from 63.1)
  • Flash Services PMI (Actual: 60.4Forecast: 59.4Previous: 58.3 revised from 58.0)

The German ifo Business Climate data (Forecast: 102.3Previous: 101.8) will be released later at 1600 (GMT+8).

Currently, EUR/JPY is testing the resistance zone of 130.000 and the next support zone is at 128.500.

Look for short-term buying opportunities of EUR/JPY if it breaks the resistance zone of 130.000.

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