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EURJPY – Can Euro Break 122.70 Vs Japanese Yen

Key Points           

  • The Euro traded towards the 122.40 support area against the Japanese yen recently.
  • There is a short-term bullish trend line formed on the hourly chart of EURJPY, which acted as a support near 122.40.
  • Today in Japan, the Unemployment Rate which comes from the Ministry of Health, Labour and welfare and was published by the Japan Statistics Bureau.
  • The result was on the lower side, as there was an increase of from the last reading of 3% to 3.1% in Nov 2016.

EURJPY Technical Analysis

The Euro faced sellers recently against the Japanese yen, which resulted in a move towards the 122.40 level. The EURJPY pair found a short-term bullish trend line formed on the hourly chart around the stated level, and currently recovering.

EURJPY Technical Analysis

However, the pair is currently facing a resistance near a bearish trend line and the 21 hourly simple moving average at 122.70.

Nevertheless, it looks like there is a chance of a break above the highlighted resistance near 122.70, which may result in a move towards the 123.00 handle.

Japanese Unemployment Rate

Today, the Japanese Unemployment Rate, which a measure of the percentage of unemployed in Japan, comes from the Ministry of Health, Labour and welfare and was published by the Japan Statistics Bureau.

The market was positioned for no change in the rate from the last reading of 3% in Nov 2016. However, the result was on the lower side, as there was an increase from the last reading of 3% to 3.1%. The jobs/applicant ratio came in at 1.41, up from the last reading of 1.40.

It looks like there is a chance of EURJPY breaking the highlighted trend line resistance near 122.70 as long as the trend line support is intact.

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