Euro/Yen holds at 129.08
As the current session draws to a close, Euro/Yen remains in the 129.08 range after dropping 0.01%.
Meanwhile, data for Euro Zone Manufacturing PMI released today at 9:00 AM comes out at 59, beating projections of 57.5 and showing improvement over the preceding figure of 58. Euro Zone Services PMI published today at 9:00 AM came out at 51.2, falling short of the 52.2 projections and continuing its decline from the previous 53.1 figure. Euro Zone Composite PMI published today at 9:00 AM came out at 52.4, falling short of the 52.6 projections and continuing its decline from the previous 53.3 figure.
In terms of trend indicators, we can see that although down today, it's worth noting that in earlier trading EUR/JPY peaked above the 129 3 day Simple Moving Average, usually an indication that a positive move might be approaching. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 128.56, a low enough level to (usually) suggest that Euro/Yen is trading below its value. As the day reaches an end a chart visual study suggests Euro/Yen's immediate support is around 128.88, its resistance level is at 131.34. In contrast, the CCI indicator is below -100. When the CCI (Commodity Channel Index) is at this level it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend.
Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions it seems Euro/Yen might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other symbols, EUR/AUD broke through the 1.5851 resistance.
The market will keep its eye on the following upcoming macroeconomics indicators: Germany Business Climate Index figure is projected at 94.7. It previously stood at 94.7; data will be released tomorrow at 9:00 AM. Germany's new Current Assessment (Jan) data will be available tomorrow at 9:00 AM. Data is expected to decline to 96.1 from its previous value of 96.9. Germany Business Expectations is projected to outperform its last figure with 93, having previously been at 92.6. The figure will be published tomorrow at 9:00 AM.
Euro/Yen has decreased 1.4% this year.
Some social media takeaways for Euro/Yen: