EUR/JPY (week of 06-10/03)

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Weekly Summary

Euro-Yen increases slightly to 143.74 (a 0% gain) after closing the previous session at zero .

A good end to the trading week, EUR/JPY is up to 143.74, after closing yesterday at zero. Overall, a 0% move or 14,373 pips this week. (Trade Euro-Yen with FXTM now).

On the flip side, highly important GDP data from Japan beat analyst expectations of 0.2 with a reading of zero.

At the same time, Germany Consumer Price Index released today at 07:00 UTC with a figure of 8.7%, while the previous figure was 8.7%. Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -34,000, while the previous figure was -29,100. Euro Zone CFTC EUR speculative net positions came out at 165,100. Germany Consumer Price Index came out at 0.8%, while a consensus of analysts was expecting 0.8%.

The market is looking forward to the release of new data: Euro Zone Deposit Facility Rate (Mar) is expected Thursday. Euro Zone Interest Rate figure is projected at 3.5. It previously stood at three; data will be released Thursday. Euro Zone ECB Marginal Lending Facility scheduled to come out Thursday.

Mar. 10, 2023

Euro-Yen set for weak finish today; down 0.22% to 143.74 with 40 minutes before close

(23:18) GMT

Although Euro-Yen ended yesterday strong and rose from 144.06 to 145.1, it dropped back today and is now priced at 143.74.

Amid the market gloom, Germany Consumer Price Index came out at 8.7%, while a consensus of analysts was expecting 8.7%. Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -34,000, while the previous figure was -29,100. Euro Zone CFTC EUR speculative net positions released today at 20:30 UTC with a figure of 165,100, while the previous figure was 165,000.

EUR/JPY made an initial break below its 21 day Simple Moving Average at 143.52, a possible indication of a forthcoming negative trend. Despite this, Euro-Yen reversed direction at 143.7 support zone and climbed 3 pips above it.

Looking forward, Euro-Yen is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other pairs as USD/CHF closed at 0.9213 (down 1.2%).

Though Euro-Yen has been dropping, other pairs have been performing better: GBP/USD gained 0.92% and is now trading at 1.2033. GBP/CAD is up 0.89%.

Trading mostly sideways for a month. Euro-Yen has managed to gain 3.27% so far this year despite trading at lows around 127.59 previously.

Euro-Yen social media highlights:

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