EURJPY – Is This The Push Euro Needed Vs Japanese Yen?03 March, 2017 by Aayush Jindal in Market Analysis
- The Euro made a nice upside move against the Japanese yen recently and broke the 119.80 resistance.
- The EURJPY pair also broke a couple of bearish trend lines near 119.80 and 120.00 on the 4-hours chart.
- In Japan, the National Consumer Price Index for Jan 2017 (YoY) released by the Statistics Bureau posted a rise of 0.4%, same as the forecast.
- The Japanese Unemployment Rate for Jan 2017 released by the Ministry of Health, Labour and welfare and published by the Japan Statistics Bureau posted a decline from 3.1% to 3%.
EURJPY Technical Analysis
The Euro after a decline towards 118.25 against the Japanese yen found support. The EURJPY moved higher and broke a major resistance in order to open the doors for a bullish trend.
As mentioned, the EURJPY pair broke a couple of important resistances like 119.00, 119.40 and 119.80. There were also a couple of bearish trend lines near 119.80 and 120.00 on the on the 4-hours chart, which were cleared.
Later, the pair settled above the 100 simple moving average (H4) at 119.95. The pair is also above the 50% Fib retracement level of the last decline from the 121.28 high to 118.25 low. Overall, the pair might be looking to extend gains towards 120.80.
Japanese Consumer Price Index
Today, there were a few important releases in Japan like the Consumer Price Index, Tokyo Consumer Price Index, Unemployment Rate and the Overall Household Spending.
The National Consumer Price Index for Jan 2017 (YoY) was released by the Statistics Bureau. It was forecasted to increase by 0.4% in Jan 2017, compared with the same month a year ago. The result was in line with the forecast.
The Tokyo Consumer Price Index was forecasted to increase by 0.3% in Jan 2017, compared with the same month a year ago. However, it posted a decline of 0.3%. The Japanese Unemployment Rate for Jan 2017 was released by the Ministry of Health, Labour and welfare and it’s published by the Japan Statistics Bureau. It posted a decline from the last rate of 3.1% to 3%.
Overall, the outcome was stable, and currently helping the Japanese yen in gaining bids.
Today’s Important Economic Releases
- Euro Zone Services PMI for Feb 2017 – Forecast 55.6, versus 55.6 previous.
- Germany’s Services PMI for Feb 2017 – Forecast 54.4, versus 54.4 previous.
- UK’s Services PMI for Feb 2017 – Forecast 54.2, versus 54.5 previous.
- US Services PMI for Feb 2017 – Forecast 53.9, versus 53.9 previous.
- US ISM Non-Manufacturing Index for Feb 2017 – Forecast 56.2, versus 56.5 previous.