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    Market analysis EUR/JPY Outlook (22 September 2020)

    Related product:Forex
    Market analysis:Overall, EUR/JPY is trending downwards. Recently, EUR/JPY plunged below the key level of 123 after a strengthening in USD due to an increase in demand caused by a strong sell-off in various stock markets.

    Yesterday, European Central Bank President Christine Lagarde said in an unscheduled speech that the strength of the recovery of euro is uncertain despite the recent economic data indicating a strong rebound in the third quarter.

    Japanese banks will be closed today in observance of Autumnal Equinox Day. Lower trading volume and volatility is expected during the Japanese trading hours.

    The Japanese Flash Manufacturing PMI data (Forecast: 48.0, Previous: 47.2 revised from 46.6) will be released tomorrow at 0830 (SGT).

    EUR/JPY’s next support zone is at 121.700 and the next resistance zone is at 124.600.
    Look for selling opportunities of EUR/JPY.

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    Jin_Forex
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