This article is originally referred from TitanFX Technical Analysis.
- The Euro recovered well against the Japanese yen post the Brexit decision decline and currently looks set for more gains.
- There is a bullish trend line formed on the 4-hours chart of the EURJPY pair acting as a support.
- Today in the Euro Zone, the ECB Interest Rate Decision will be announced by the European Central Bank.
- The market is not expecting any change in the interest rates, and no change in policy is expected.
EURJPY TECHNICAL ANALYSIS
The Euro had a decent upside move against the Japanese yen recently, and traded above 118.00. It looks like the EURJPY pair is poised for more gains going forward.
There is a bullish trend line formed on the 4-hours chart of the EURJPY pair, which is acting as a barrier for the bears and pushing the pair higher. The most important point is that the pair is now above the 100 and 200 simple moving average (H4 chart).
It is also above the 61.8% Fib retracement level of the last drop from the 122.00 high to 109.50 low, which is a bullish sign for the Euro buyers.
ECB INTEREST RATE DECISION
Today, there is a major event lined up in the Euro Zone, as the ECB Interest Rate Decision will be announced by the European Central Bank. No change in the interest rates are forecasted, but as usual it will be the ECB´s economic policy decision and the ECB President’s conference, which may impact the Euro in the short term.
NEW ZEALAND VISITOR ARRIVALS
Today in New Zealand, the Visitor Arrivals, which measures the number of visitors to New Zealand will be released by the Statistics New Zealand. The forecast was slated for a rise of more than 5% in June 2016, and the outcome was as forecasted.
The result was positive, as there was an increase in Visitors by 10.9% in June 2016. The report stated that “New Zealand residents took a record 2.46 million overseas trips in the June 2016 year, up 6 percent from the June 2015 year. This increase of 128,800 trips was driven by residents departing for Australia, Fiji, and the United Kingdom.”
Overall, the result was positive, and may help the kiwi dollar to gain a few bids against the US Dollar in the short term.
Original Source: TitanFX Technical Analysis