Key Points
- The Euro after climbing towards 115.70 against the Japanese yen found sellers and moved down.
- There was a support trend line formed on the hourly chart of EURJPY, which was broken during the downside move.
- Today in the Euro Zone, the Spanish Unemployment Change was released by the Spanish Government.
- The outcome was better, as the change was 44.7K in Oct 2016, which was less than the forecast of 77.3K.
EURJPY Technical Analysis
The Euro started declining after an impressive move towards the 115.70 level against the Japanese yen. The EURJPY traded lower, and fell below the 21 hourly simple moving average and the 115.00 support area.
The pair also broke a support trend line on the hourly chart, which may now act as a resistance. There is also a bearish trend line on the same chart at 114.40.
Overall, the EURJPY pair remains under selling pressure, and it is likely to continue trading lower in the near term.
Spanish Unemployment Change
Today in the Euro Zone, the Spanish Unemployment Change, which shows the number of unemployed workers added during the previous month was released by the Spanish Government.
The market was expecting a change of 77.3K in Oct 2016. However, the result was better, as the change was 44.7K. Moreover, the Italian Unemployment Rate was released by the National Institute of Statistics. The market was expecting a rate of 11.4% in Sep 2016, but it came in at 11.7%. The report stated that in “September 2016, 22,836 million persons were employed, +0.2% compared with August. Unemployed were 3,016 million, +2.0% over the previous month”.
Overall, the reports were mixed, and might not encourage the Euro buyers to take the EURJPY pair higher in the short term.
