Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is consolidating recent gains against the safe haven Japanese yen near the upside barrier in play at 134 yen.
Today, Japan has no economic data scheduled headed into the weekend. The euro area is publishing monthly retail sales data. The main focus for Forex traders will be key monthly labor data out of the United States and even Canada.
The U.S. Labor Department will release May’s key non-farm payroll (NFP) report. The unemployment rate, average hourly earnings and the labor participation rate will also be published.
Canada is publishing their monthly employment change and unemployment rate. The United Kingdom is publishing their monthly construction purchasing managers’ index (PMI).
Daily Euro Currency Technical Analysis (EUR/JPY)
Looking at the above daily EUR/JPY MT 4 price action chart, the euro currency is trading above the key daily moving averages. This includes the fifty, one hundred and two hundred (50, 100, 200) daily simple moving averages (SMA).
The technical indicators are signaling overbought as the 14 day relative strength index (RSI) is around 70 and the 14 day momentum indicator (MACD) is trending higher.
With that said, and while above the key simple moving averages, mentioned above, the EUR/JPY currency exchange rate seems ready to challenge the September 2017 high price point at 134.40 yen with the October 2017 high price point at 134.50 yen then coming into play.
On the downside, there is immediate technical support at the March low price point. This technical support level lines up at the immediate support line at 131.40 yen.
While above this level, the single currency could see more gains. The fifty day simple moving average lines up at 131.45 yen.
The 200 day simple moving average is the next layer of technical support lining up at 127.20 yen. While above this level, price action remains constructive for the EUR/JPY currency exchange rate.
