EUR/JPY trades with losses after mixed European economic data EURJPY
from the EU . On the other hand, the Japanese Yen, held strong against most of its rivals as the prospects of Japanese authorities intervening in the markets helps limit deeper losses for the JPY.The S&P Global and Hamburg Commercial Bank showed that de Composite PMI dropped to 52.8 vs the consensus of 53.3 and the preliminary reading of 53.3. In addition, the Services PMI was also revised downwards to 55.1 from 55.9.
In case the EUR/JPY exchange rate continues to gain traction, the following resistance line up at the 149.80 zone followed then by the 150.00 psychological area and the 150.50 level. On the other hand, the 20-day Simple Moving Average at 149.05 level remains the key support level for the pair. If broken, the 148.50 area and 148.00 zone could come into play.
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