Tickmill's Investing Diva, EURJPY Daily Outlook 02-04-20
EURJPY Daily Outlook - US companies cut 27,000 jobs before the worst of the coronavirus shutdown… but Moody’s says millions more are coming… In Germany, Manufacturing PMI showed output fell at the fastest rate in nearly 11 years, Eurozone’s manufacturing economy also contracted sharply, and the UK manufacturing output and new orders fell at the fastest rate since 2012.
On Thursday we’ll eye the potentially super gloomy initial jobless claims for last week in the US.
Today I’m looking at the EUR/JPY pair which is approaching the 117 support level once again after a rollercoaster ride in the past two weeks.
With Italy’s Coronavirus cases getting a bit more stable we may be able to see this level holding once more and shooting the pair off to the resistance levels of 119 and 120…However, if this support is broken, then doors will be open for further drops towards 111.
Do you think EUR/JPY will find support here? Head over to the Comments section and let me know.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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