There aren’t any main stories due from Uncle Sam as we speak, so I’m simply gonna have a look at this easy pattern line bounce on a yen pair.
Assume danger sentiment will favor one other bullish transfer?
Earlier than shifting on, ICYMI, I’ve listed the potential economic catalysts that you need to watch out for this week. Verify them out earlier than you place your first trades as we speak!
And now for the headlines that rocked the markets within the final trading sessions:
Contemporary Market Headlines & Financial Knowledge:
Upcoming Potential Catalysts on the Economic Calendar:
- Eurozone and German ZEW financial sentiment index at 9:00 am GMT
- New Zealand GDT public sale developing
Should you’re not conversant in the foreign exchange market’s most important buying and selling periods, try our Forex Market Hours software.
What to Watch: EUR/JPY
This pair is sitting proper on its rising pattern line on the 1-hour time-frame, nonetheless deciding whether or not to make a bounce or a break.
Value is consolidating above the 38.2% Fib whereas ready for merchants to make up their minds, nevertheless it seems to be like technical indicators are hinting at extra good points.
The 100 SMA is above the 200 SMA to recommend that help ranges usually tend to maintain than to interrupt, probably sending EUR/JPY again as much as the swing excessive at 130.75 or larger.
The dynamic help on the 100 SMA additionally appears to be retaining losses in test, too.
Stochastic can also be on the transfer up however closing in on the overbought zone to sign exhaustion amongst patrons. Turning decrease would imply that sellers are about to take over, so be careful!
Germany and the whole euro area are nonetheless resulting from print the outcomes of the ZEW financial sentiment survey, which might be a short-term catalyst for the shared foreign money.
Apart from that, good ol’ danger sentiment may push this yen pair round, together with expectations for the ECB decision later within the week.