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The Eurozone PMIs are out today!

Will the numbers affect EUR/JPY’s uptrend?

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What to Watch: EUR/JPY

EUR/JPY 4-hour Forex Chart
EUR/JPY 4-hour Forex Chart

EUR/JPY is trading near a trend line that has been holding as support since mid-January.

Euro bulls might pay closer attention today because the current prices are also near the 100 and 200 SMAs on the 4-hour time frame.

Today’s Eurozone PMIs could present a challenge to the bulls. I told y’all earlier this week that the markets are expecting some pullback after March’s strong manufacturing and services PMIs.

If the numbers surprise to the upside, then EUR/JPY could extend its uptrend and retest the range resistance that we’re seeing on the chart.

But if traders continue to worry about Biden’s capital gains tax, or if euro bears are still salty about the ECB’s plans to keep its monetary policies accommodative when central banks like Canada are talking tightening, then EUR/JPY could finally break below its trend line support to retest areas of interest like 129.40 or the 129.00 MaPs.