EUR/JPY found some support near 200-day SMA and reversed an early dip. Stronger German Manufacturing PMI print provided a minor boost to the Euro. The risk-on mood amid coronavirus concerns kept a lid on any further gains. The EUR/JPY cross rallied over 50 pips in the last hour and jumped to the top end of its daily trading range, closer to the 121.00 post-German PMIs, albeit lacked follow-through A fresh wave of the global risk-aversion trade – amid fears a global outbreak of the deadly coronavirus – underpinned the Japanese yen’s perceived safe-haven demand and led to the pair’s initial downtick to a session low level of 120.36. Bulls still seemed reluctant The cross, however, managed to attract some dip-buying near the very important 200-day SMA and got an additional boost following the release of better-than-expected German Manufacturing PMI, which unexpectedly rose to 47.8 for February. The reading was much better than consensus estimates pointing to a dip to 44.8, from 45.3, and largely offset a slight disappointment from the Services PMI, which fell to 53.3 during the reported month as compared to 53.8 expected and 54.2 previous. Despite the goodish bounce, concerns over deepening economic fallout from the coronavirus outbreak – in particular the export-driven German economy – held investors from placing any aggressive bets and kept a lid on any additional gains. Moving ahead, market participants now look forward to the broader Eurozone Manufacturing and Services PMI prints for a fresh impetus. Apart from this, the broader risk sentiment might further contribute towards producing some short-term trading opportunities. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next FED: Three arguments for a rate cut – Nordea FX Street 2 years EUR/JPY found some support near 200-day SMA and reversed an early dip. Stronger German Manufacturing PMI print provided a minor boost to the Euro. The risk-on mood amid coronavirus concerns kept a lid on any further gains. The EUR/JPY cross rallied over 50 pips in the last hour and jumped to the top end of its daily trading range, closer to the 121.00 post-German PMIs, albeit lacked follow-through A fresh wave of the global risk-aversion trade – amid fears a global outbreak of the deadly coronavirus – underpinned the Japanese yen's perceived safe-haven demand and led to the pair's initial… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.