EUR/JPY Correction Ahead of European PMI Data

23 Eyl

EURJPY faces selling pressure below 161.185, with technical indicators suggesting a correction is imminent. The pair has been in an upward trend since mid-September, but signs of waning momentum are emerging. The compression of Bollinger Bands and RSI divergence signal that buyers are struggling to maintain control. A break below the 160.359 support could push the pair toward further downside targets at 160.017, 159.849, and 159.533.
If the 160.359 support holds, consolidation could occur. A decisive break above 161.185 would reignite bullish momentum.
Traders should watch European PMI data for Germany, France, and the Eurozone, which could impact the euro’s strength