EUR/JPY (week of 31-04/06)

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Weekly Summary

Euro/Yen erases today's gains loses 88 pips, trading lower at 133.25 after 3 years high .

A bearish end to the trading week, EUR/JPY goes down to 133.25, following mixed behavior this week, as it ranges between 133.07 and 134.13. (Start trading Euro/Yen at FXTM today).

This downslide might be related to financial indicators data published earlier as data for Germany Unemployment Change released Tuesday comes out at -15,000, beating projections of -9,000 and showing improvement over the preceding figure of 8,000.

Meanwhile, Euro Zone Retail Sales fall short of the -1.2% projections, with -3.1% and continued its downward trajectory from previous figure of 3.3%. Germany IHS Markit Construction PMI (May) is released with a new figure of 44.5, this is down from preceding data of 46.2.

In the meantime negative performances are also seen in other symbols, USD/SGD dropped to 1.3185, hitting a 3 months low. Aussie/Dollar fell to 0.7642, hitting a 6 weeks low.

Positive performance however can be seen looking at other symbols as EUR/NZD climbs to 1.701, a new 4 months high. EUR/AUD hits 1.5851, highest rate in 4 months. After 2 months hiatus, Dollar/Yen is back at 110.33 levels.

Jun. 4, 2021

Stagnant Euro/Yen down to 133.25 (-0.37%)

(23:18) GMT

While trading sideways for 27 days, Today's session so far suggest further slow down – Euro/Yen is dark red after losing 49 pips, tumbling down to 133.25.

Meanwhile, Euro Zone Retail Sales published today at 9:00 AM came out at -3.1%, falling short of the -1.2% projections and continuing its decline from the previous 3.3% figure. Data for Germany IHS Markit Construction PMI (May) was released today at 7:30 AM suggests a downwards trend with 44.5, while previous data was 46.2. Data for Japan Household Spending (MoM) (Apr) released yesterday at 11:30 PM is better than expected with 0.1, but worse than previous figure of 7.2.

As the day reaches an end a chart visual study suggests Euro/Yen nearest support level is at 131.08. In terms of trend indicators, we can see that at 133.53, Euro/Yen made an initial breakout below the 10 day Simple Moving Average, an indication of a negative trend. Medium-term trend indication has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line crosses below the MACD signal line. Asset volatility analysis shows that the upper Bollinger band at 134.19, indicating a further downward move might be next.

Overall, looking at the technical analysis landscape, it seems Euro/Yen is likely to continue pointing down in the short term.

In the meantime negative performances are also seen in other symbols, Dollar/Yen made its largest single-day drop of 69 pips (0.7%), since November 2020.

However positive performance can be seen looking at other symbols as after 4 months hiatus, EUR/AUD is back at 1.5847 levels.

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