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Market Analysis

Home » Featured » EURJPY – Monstrous Decline, More Losses?

EURJPY – Monstrous Decline, More Losses?

Posted by FXTimes in Featured - February 24th, 2016 3:38 pm GMT

Euro-Dollar

Key Points

  • Euro crash continued against the Japanese Yen, as the latter one gained against most major currencies.
  • There are a couple of bearish trend lines formed on the hourly chart of the EURJPY pair, which are acting as a resistance.
  • Italian Industrial Sales released by the National Institute of Statistics declined by 1.6% in December 2015%.
  • Moreover, the Industrial Orders also declined and came in at -2.8%.

Technical Analysis

The Euro was under a lot of pressure during this week due to many reasons, including the tensions of Euro Zone and UK leaving. The EURJPY pair fell sharply and traded below the 123.00 support area.

EURJPY

There are a couple of bearish trend lines formed on the hourly chart of the EURJPY pair, which may continue to act as a barrier if the pair moves higher from the current levels.

On the downside, a break below the 122.40 support area may take the pair towards the 122.00 levels.

Italian Industrial Orders and Sales

Today, the Italian Industrial Orders, which is an indicator that includes shipments, inventories, and new and unfilled orders was released by the National Institute of Statistics. The outcome was disappointing, as the orders declined by 2.8% in December 2015, which was a lot more compared with the last revised increase of 1.5%.

The report highlighted that the “industrial turnover index measures the monthly evolution of sales by industrial enterprises at current prices. The new orders index is an indicator of the value of future deliveries of products (and services directly linked to these products) to be provided by industrial producers“.

Overall, the tensions in the Euro Area and UK may continue to weigh on the Euro, and the EURJPY might decline further.

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