EUR/JPY Outlook (24 June 2021)

#OPINIONLEADER#

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.