Forex Marketz Daily Forex News – Fully Markets Update
The euro currency continues its rally against the safe haven Japanese yen. The headline EUR/JPY currency exchange rate is trading below 133 yen. There is some upside resistance in that area but this Forex market remains above the key daily simple moving averages, as seen on the above daily MT 4 price action chart.
This week’s economic calendar has been pretty light all week long. Japan is releasing their monthly unemployment rate as well as their monthly Tokyo core consumer price index (CPI). The European Union, United Kingdom and Canada have no key economic data events on their calendars for Thursday.
The United States will release weekly labor data. The Labor Department will publish weekly initial and continuing jobless claims. The world’s largest economy is also publishing monthly pending home sales and monthly core and headline durable goods orders data.
The United States wants to know the origin of the global coronavirus pandemic (Covid-19). President Joe Biden has ordered his intelligence agencies to investigate. They will report back with their findings within ninety (90) days. Also, a 6 January insurrection panel to look into the deadly riot at Capitol Hill will likely fail to gather support in the U.S. Senate.
Daily Euro Currency Technical Analysis (EUR/JPY)
The euro currency is trying to keep the uptrend going in the near-term. The EUR/JPY Forex market has immediate technical resistance in play at 134 yen. While the euro trades above the key near-term support level at 130.90 yen, where the fifty (50) day simple moving average, the bulls seemingly remain in control.
The 14 day relative strength index (RSI) is around overbought territory. This could signal a correction lower before another bounce higher.
With that said, this Forex market is trading above the two hundred (200) day simple moving average at 126.95 yen. This is another potential bullish signal, for now.
