EURJPY Exchange Rate

The manufacturing sector in Japan continued to contract in April, albeit at a slower pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 49.6.

The euro area economy expanded in the first quarter after two consecutive declines as all big four economies exhibited better performance, boosting hopes of a sustained recovery this year. Gross domestic product grew by a faster-than-expected 0.3 percent sequentially following a 0.1 percent fall each in the fourth and third quarters of 2023, preliminary flash estimates from Eurostat showed.

The German economy avoided a recession in the first quarter on exports and investment in construction, preliminary data from Destatis showed on Tuesday. Gross domestic product grew a more-than-expected 0.2 percent sequentially in the first quarter, in contrast to the revised 0.5 percent decrease in the preceding three months.

The euro strengthened against other major currencies in the Asian session on Tuesday, after data showed that the euro area economy expanded in the first quarter after two consecutive declines and also the consumer prices registered a steady growth in April.

EUR/JPY rebounds off uptrend line; Price holds above SMAs; Oscillators indicate more bullish movements

EURJPY retraces lower following a 16-year peak ; Tests ascending trendline drawn from July 2023 ; Oscillators suggest weakening momentum

EUR/JPY creates bullish tendency in short- and long-term timeframes; RSI indicates potential downside retracement

EURJPY edges higher after 50-day SMA prevents decline ; Jumps back within its bullish channel in place since June ; Momentum indicators turn positive