FX168 Financial News (Hong Kong), euro /The yen hovered around 128.85. Recently, the exchange rate has been rising in a volatile way, and has risen in a positive line for five consecutive trading days. This trading day is currently in a volatile consolidation near a relatively high level.
The reason why the euro/yen strengthened significantly was mainly due to the overall retreat of the dollar and the strengthening of the euro.
As for the future trend of the euro/yen, Mohammed Isah, FX analyst of FXTechstrategy, wrote a new article to briefly analyze and predict the future trend of the cross. The main contents are as follows:
Next, the euro/yen faces the space for further rebound and upward movement. As the exchange rate rose all the way last week, its strong tone remains unchanged.
On the upside, the initial resistance of euro/yen is at 129.50. If it breaks through, it will open the door to further rise, and the target is 130.00. If it breaks through, the resistance above will be at 130.50, and if it continues to break through, it will approach 131.
At the same time, the daily chart shows that the RSI is higher, indicating that the euro/yen is facing the space to continue to rise.
On the downside, the initial support of euro/yen is at the 128.50 level. If it falls below the 128.00 line, if it continues to fall below the 128.00 line, the target will point to the 127.50 level. If it also falls below the level, it will open the door to further fall to the 127 pass.
Therefore, to sum up, although the euro/yen still faces further room for growth, the key resistance is 129.50.
In terms of economic data and financial events, we can focus on:
08:30 Sydney, Australia The Australian Federal Reserve released the minutes of the November monetary policy meeting
14: 30 French third quarter ILO unemployment rate
15: German producer price index in October
16: 20 Australian Federal Reserve Chairman Lowe delivers a speech in Melbourne
17: 00 Austrian Central Bank Governor Nowotny Releases the Austrian Financial Stability Report
18: 00 Bank of England Governor Carney, Vice Governor Canleaf, Bank of England Chief Economist Haldane, and Bank of England Monetary Policy Committee member Sanders answered questions about the Bank's inflation report in November in London
19: UK November CBI Industrial Output Expectation Difference
21:00 Norges Bank President Olsen delivers a speech at a meeting
21:30 New housing starts in October in the United States
(Source of daily euro/yen line chart: FXTechstrategy, FX168 financial network)
At 08:10 Beijing time, the euro/yen was 128.80/90.
Checked by: Zui Qingfeng
