Fundamental Analysis of EUR/JPY for November 2, 2017

EUR/JPY is currently residing inside the range of 131.40 to 134.40 area which is showing some bullish move after the recent bounce off the horizontal support level. EUR has been quite mixed with the economic reports recently but managed to gain over JPY. Today JPY Monetary Base report was published with a worse decreased value of 14.5% from the previous value of 15.6% which was expected to increase to 15.7% and Consumer Confidence report showed an increase to 44.5 from the previous figure of 43.9 which was expected to be at 43.6. On the other hand, today EUR Spanish Manufacturing PMI report was published with an increase to 55.8 from the previous figure of 54.3 which was expected to be at 54.8, Italian Manufacturing PMI report was published with an increase to 57.8 from the previous figure of 56.3 which was expected to increase to 56.6, French Final Manufacturing PMI report was published with a decreased figure of 56.1 which was expected to be unchanged at 56.7, German Final Manufacturing PMI report was published with slight increase to 60.6 which was expected to be unchanged at 60.5, German Unemployment Change was published with less deficit at -11k from the previous figure of -22k which was expected to be at -10k and Final Manufacturing PMI report was published with slight decrease to 58.5 which was expected to be unchanged at 58.6. As of the current scenario, EUR and JPY had mixed economic reports whereas EUR was the dominant over JPY today which is expected to continue further as despite having mixed economic report of JPY it failed to gain over EUR which indicates that EUR is going to dominate further in the coming days.

Now let us look at the technical view, the price has been riding the bullish trend since it bounced off 122 support area and currently residing inside the corrective structure and showing some bullish momentum as well. The price is currently expected to push towards 134.40 in the coming days as the price remains above 131.40 support area.

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