Forex Marketz Daily Forex News – Fully Markets Update
The euro currency is trading quietly today throughout the Forex universe. The single currency is currently range bound against the safe haven Japanese yen. Forex traders are waiting on the European Central Bank (ECB).
The EUR/JPY currency exchange rate is currently trading in a narrow price range and just above the short-term twenty day simple moving average.
The European Central Bank will announce their monetary policy and interest rate decision today. They will also release their monetary policy statement and ECB President Christine Lagarde will hold a press conference. France and Italy will release monthly industrial production data, as well Japan is publishing their monthly BSI manufacturing index.
The United States is publishing their monthly core and headline consumer price index (CPI) and the U.S. Labor department will release weekly initial and continuing jobless claims. The United Kingdom will release monthly housing data.
Daily Euro Currency Technical Analysis (EUR/JPY)
Looking at the above EUR/JPY daily MT 4 chart, the euro currency is still trading in a month long upwards trend that started in April. It is possible that the EUR/JPY Forex market could be rejected at 133 yen and trade in a consolidative pattern between 133 and 134.15/20 yen after.
If the euro currency sees a sustained close above 133.55 yen, then the next upside barrier lines up at the 4 June high price point at 133.80 yen. The next layer of technical resistance lines up at the 2 June high price point at 134.07 yen.
The 14 day MACD histogram is trending higher and into overbought territory. This could bring a downwards correction with the EUR/JPY market. The first downside barrier is at the 20 day simple moving average at 133.05 yen.
The next layer of technical support is in play at the 23.6 percent Fibonacci level at 133.92 yen. The 24 May low price point at 132.52 yen then comes into focus.
