EUR/JPY turns lower and returns below 147.00 EURJPY Currencies
arket mood at the start of the week has underpinned the safe-haven Japanese yen, weighing on the common currency.Earlier on the day, the downbeat Chinese manufacturing and services activity figures reactivated investors’ concerns that the impact of the country’s strict COVID-19 restrictions, over the world's second-largest economy might dampen global growth, which has hammered risk appetite.meeting, due on Wednesday, which has weighed the euro against a stronger US dollar.
These figures combined with the deceleration of the Gross Domestic Product; 0.2% in the Q3 against 0.8% in the previous quarter are posing a problem to theFrom a technical perspective, the 4-hour chart shows the pair pulling back from the upper limit of a bullish triangle pattern . The pair’s reversal from the mentioned 147.80 area seems to have found buyers at the 50-period SMA, now around 146.80, which closes the path toward the lower limit of the triangle, at 146.20
On the upside, a successful move above 147.80 would increase bullish traction, which could push the pair towards the October 17 high at 148.40 ahead of the 150.00 psychological level.
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