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Forex: EUR/JPY falling on EMU PMI and BoJ Kuroda

FXstreet.com (Barcelona) - The opening price of 124.20 was tested before the release of the French PMI data that triggered a down move, only extended by the German drop below the 50.0 threshold in manufacturing. The EMU Composite confirmed a dark preliminary review of the PMI figures in March. The EUR/JPY went as low as 123.30.

Now, with BoJ Governor Kuroda first press conference being given at the moment, the EUR/JPY has just dived to the 123.00 mark.

Disappointing France Markit PMI figures had manufacturing PMI at 43.9 vs 44.3 consensus and services PMI at 41.9 vs 44.0 consensus. German data saw manufacturing dropping from 50.3 to 48.9 (consensus of 50.5) and services fell from 54.7 to 51.6 (consensus of 55.0). The EMU Composite PMI down from 47.9 to 46.5 (consensus of 48.2).

Mataf.net analysts point to resistance at 124.45, 125.25 and 125.75. On the downside, supports might be found at 122.75 and 121.85.

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