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Market Analysis: EURJPY: Business : Nigerialog.com - Nigeria's Premier Online Forum (137 views)

Market Analysis: EURJPY

By alagbe003 (M)May 03, 2018, 09:49:14 AM
The Fibre continued its recent slump against the safe haven Yen in the trading session yesterday despite the release of unimpressive economic data from Japan: Monetary Base released by Bank of Japan showed a decline in the total quantity of domestic currency in circulation and the one held as current account deposits at the Bank. Consumer Confidence released by Japan’s cabinet Office fell short below the forecast. The Common currency could not capitalize on the weakness in the Yen as data released from the zone failed to strengthen it. Italian Manufacturing PMI, German Final Manufacturing PMI, and Italian Monthly Unemployment Rate came out below expectations. The instrument closed bearish as it failed to break through a resistance at 132.071.


EURJPY.JPG


Today, the instrument below the pivot and is currently retracing off a support level on the hourly chart as we await the release of CPI Flash Estimate and Core CPI Flash Estimate by 10 am. Banks in Japan will be closed today as the country observes Constitution Day and is expected to weigh on the strength of the haven currency today as liquidity is expected to be lower. A bullish trend is envisaged as a low level of activity from Japan is expected to dictate the pace of the instrument.


Re: Market Analysis: EURJPY

By princepointMay 03, 2018, 10:27:49 PM
Eur/ jpy  bullish trend  but traders may experience   fluctuations in the market


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