Mar. 3, 2021
Hesitant but green: from an earlier low of 128.9, EUR/JPY is up to 129.1, gaining 15 pips compared to 128.95 at the start of the day (0.12%). (Trade Euro/Yen with FXTM now).
The Euro/Yen green move took place amid mixed market indicators – Germany's Unemployment Change fell short of the -13,000 projections, at 9,000 and continued its downward trajectory from the previous figure of -37,000.
More data out yesterday as the Euro Zone Consumer Price Index matched projections with a new data release of 0.9. indicator value is unchanged and is the same as previous data of 0.9. Japan Services PMI was released today at 12:30 AM with a figure of 46.3, This is better than the previous number of 46.1.
Visual analysis of the Euro/Yen's price graph 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 129.52 – a high enough level to usually suggest the Euro/Yen is trading above its value.
Overall, technical indicators suggest the Euro/Yen has no obvious direction for the immediate future.
A look at other markets shows behavior that usually indicates a green move for the Euro/Yen as SSE is trading around 3,563 after starting the session at 3,508.59 (up 1.56%). HANG SENG INDEX gained 1.94%, currently at 29,661
The market is looking forward to tomorrow at 10:00 AM, data for Euro Zone Retail Sales will be released, with an expected decline to -1.1 from the preceding figure of two. 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: