|Day's Range||121.48 - 121.6|
|52 Week Range||114.4550 - 124.4290|
G10 currencies may bully the Japanese Yen this week as growing optimism over a swift economic recovery from the pandemic boost appetite for riskier assets at the expense of safe-havens.
EUR/JPY made a bearish bounce at the 21 ema zone (wave a). The bearish impulse will probably complete a counter trend move near or at the 144 ema close.
EUR/JPY is building a triangle pattern in a large uptrend. Price was able to break above the Wizz 7 target.This indicates that an uptrend continuation is likely.
The controversial German court ruling against the past use of eased policies (bond buying) from the European Central Bank has maintained a negative stance on Euro sentiment.
The Japanese Yen initially breached the 107.3 level against the US Dollar, only to pare gains, after the Bank of Japan pledged unlimited buying of government bonds and agreed to raise its holdings of corporate debt to 20 trillion Yen.
The US dollar continues to go back and forth against the Japanese yen during the trading session on Monday, looking very much like it wants to go towards the bottom of the recent range on Tuesday. That being the case, the market still looks very neutral.
The US dollar has initially pulled back during the week but then shot straight up in the air to reach towards the ¥111 level. At this point, the market looks as if it is getting a bit of her stretched, and more volatility is probably the one thing you can count on.
Did you wonder what will be the cause of the next recession? As for now, that will not be a war between Iran and US and it will not be a Coronavirus.
Risk aversion is dominating financial markets today after disappointing data from the United States and gloomy outlook from the World Trade Organization (WTO) spooked investors and reinforced concern over decelerating global growth.
Investing.com - The safe haven yen drifted lower against the other major currencies on Monday as risk appetite improved after two days of trade talks between the U.S. and China in Washington, which were described as productive.
The Euro is holding around the 1.11 level against the US Dollar, despite the announcement that Germany’s GDP contracted by 0.1 percent in Q2, suggesting that markets had already largely priced in the gloomy economic data ahead of the release.
The volatility on the market dropped recently and the reason for that seems to be in the Jackson Hole symposium later this week.
Risk aversion is dominating financial markets today after the Chinese Yuan weakened beyond the psychological 7.0 level for the first time since May 2008.