Capital Trust
Capital Trust
images

Dec 05, 2016

07:25 PM EDT


  • New York close
  • London close
  • Tokyo close
  • Sydney close
Market Analysis

Home » Technical Analysis » Daily » EURJPY – Euro Heading Towards Break, Which Side Are You On?

EURJPY – Euro Heading Towards Break, Which Side Are You On?

Posted by FXTimes in Daily - July 28th, 2016 9:56 am GMT

euro EURUSD eurjpy eurcad

Key Points

  • The Euro is attempting to clear a major resistance area against the Japanese yen.
  • There is a major breakout pattern forming on the hourly chart of the EURJPY pair, which may provide us the next break.
  • Today, the German Unemployment Change report was published by the German Statistics Office.
  • The outcome was positive, as the German Unemployment Change came in at -7K in July 2016, compared with the forecast of -3K.

Technical Analysis

The Euro traded higher recently against the Japanese yen and settled above the 21 hourly simple moving average. The pair is currently forming a breakout pattern forming on the hourly chart in the form of a triangle.

EURJPY

The triangle resistance trend line is acting as a major for an upside break in the EURJPY pair.

However, if the pair stays above the 21 hourly SMA, then there is a real chance of it gaining pace and trading further higher.

German Unemployment Change

Today in the Euro Zone, the Unemployment Change, which is a measure of the absolute change in the number of unemployed people in Germany using seasonally adjusted data was published by the German Statistics Office.

The forecast was lined up for a change of -3K in July 2016. However, the result was above the forecast, as the change was -7K. The report stated that “Compared with the same month a year earlier, this was a strong increase of 528,000 or 1.2%. Since December 2015, employment has continuously increased, with year-on-year growth rates of 1.2% each. Roughly 1.8 million people were unemployed in June 2016, 138,000 fewer than a year earlier.”

Overall, if the bulls manage to break the triangle resistance area, then there is a chance of more gains in EURJPY moving ahead.

Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.