Mar. 3, 2021
Hesitant but green: from an earlier low of 128.9, EUR/JPY is up to 129.18, gaining 22 pips compared to 128.95 at the start of the day (0.18%). (Trade Euro/Yen with FXTM now).
The Euro/Yen green move takes place amid mixed market indicators – Germany's Unemployment Change published yesterday at 8:55 AM came out at 9,000, falling short of the -13,000 projections and continuing its decline from the previous -37,000 figure.
At the same time, Euro Zone's Consumer Price Index published yesterday at 10:00 AM came out at 0.9. The indicator value matched both the projected value and the previous data of 0.9. Released today at 12:30 AM, Japan's Services PMI showed an uptick, coming in at 46.3, up from the previous number of 46.1.
The Chart pattern study shows Euro/Yen immediate resistance is around 129.18, nearest support level is at 128.35. In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Asset volatility analysis shows that a slight indication of a slowdown comes from looking at the Bollinger bands: the upper band is at 129.53 – a high enough level to usually suggest the Euro/Yen is trading above its value.
Overall, the technical analysis suggests Euro/Yen is neutral for the immediate future, with no clear-cut direction.
A look at other markets shows behavior that usually indicates a green move for the Euro/Yen as HANG SENG INDEX is up 2.35% to 29,781 SSE is trading around 3,577 after starting the session at 3,508.59 (up 1.95%).
The market is looking forward to Euro Zone Retail Sales projected to come out at -1.1 – worse than previous data of two, Data will be released tomorrow at 10:00 AM. Spain Services PMI is projected to outperform the last figure with 43, while it previously stood at 41.7, data will be released today at 8:15 AM. The Euro Zone Composite PMI is projected to outperform last figure with 48.1 while it previously stood at 47.8, data will be released today at 9:00 AM.
Euro/Yen social media highlights:
Live - Updated 18 minutes ago.
