Forex Marketz Daily Forex News – Fully Markets Update
Looking at the euro currency (EUR) on the above daily MT 4 EUR/JPY price action chart, this Forex market formed a Doji candlestick pattern as price action was rejected at the falling trend line in play from 1 September. This is also the trend lines formed form the 10 September high price point.
Today’s economic calendar is quiet as we head into the weekend. Honestly, economic data out of Japan does not have any impact on the Bank of Japan when it comes to their monetary policy. They have no plans to change their ultra-loose monetary policy settings negative rate policy anytime soon.
American politics will impact both the safe haven Japanese yen and sensitive linked euro currency more. There are 26 days until the presidential election. President Donald Trump is has refused to participate in the next debate with Joe Biden. The national election committee announced that it would be virtual on Thursday due to the coronavirus (Covid-19). President Trump said it would be a “waste of time.”
The Eurozone has no economic data on their calendar. France, the Eurozone’s second largest economy, will publish monthly industrial production data during the European trade session. Italy will also publish their monthly industrial production data. The United States has no economic data scheduled for release on Friday. Canada will publish key employment data today.
Canada will publish their monthly employment change as well as their monthly unemployment rate The United Kingdom is releasing monthly industrial production data, Britain will also publish monthly manufacturing data. The United Kingdom will also release their monthly trade balance and three (3) month index of services.
Daily Euro Technical Analysis (EUR/JPY)
Looking at price action on the above EUR/JPY currency exchange rate, the appearance of a Doji candlestick signals trader indecision. The euro is currently challenging the above mentioned trend line with that upside barrier now lining up at 124.58.
So far on Friday, during the early Asian trade session this Forex market has seen a high price point of 124.77 and a low price point of 124.50. A daily close above the trend line opens the door to challenge the upside barrier in play at 124.88 with 125.30 then coming into focus.
Alternatively, a daily close below the Thursday low price point at 124.36 will open the door to challenge the 7 October low price point lining up at 123.85.
