May. 7, 2021
Starting the session at 131.55, EUR/JPY rallied above 132.17 for the first time in 2 years, gaining 53 pips, and is now trading at 132.08. (Start trading Euro/Yen at FXTM today).
Data out yesterday – France Non-Farm Payrolls (QoQ) (Q1) released today at 6:45 AM with a figure of 0.3, This is better from the previous number of -0.1. Germany's Balance of Trade fell short of the 19.50 billion projections, at 14.30 billion and continued its downward trajectory from the previous figure of 18.90 billion. Germany Industrial Production beat expectations of 2.3% with new data release of 2.5%. This is also a step forward from the previous data of -1.9%.
Asset volatility analysis shows that the upper Bollinger band is at 132.49, This is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems the Euro/Yen is likely to reverse course and start pointing down in the short term.
The Euro/Yen shows positive signs, other assets are also on par: Euro is up by 102 pips(0.85%), making its largest single-day gain since December 2020.
At the same time, Singapore Dollar made its largest single-day drop (0.61%) since May 2020. At 1.4649, EUR/CAD is down to its lowest value in 1 year. The Pound/Dollar trading above the 1.4 level for the first time in 2 months.
The market is looking forward to Japan. Household Spending (YoY) (Mar) is projected to rise to -5.3, beating the previous -6.6 figure. Official data is expected today at 11:30 PM. Japan Household Spending (MoM) (Mar) is projected to rise to 2.8, beating the previous 2.4 figure. Official data is expected today at 11:30 PM.
Euro/Yen social media highlights: