Today is filled with major economic releases, that are supposed to cause high volatility in the market,thus, creating a number of opportunities for forex traders.
The euro continues to show some bullish signs as it trades above 1.28. Although, economic figures did not reveal anything new about the current economic situation.
EUR/JPY is in the process of correcting from a 700 pips bearish swing, targeting major resistance levels as traders need to price a Lower High within the main downtrend.
Despite the euro's bearish trend and worsening economic conditions in the eurozone, the EUR/USD managed to rise, after the dollar came under great selling pressure due to worse-than-expected economic figures.
Yesterday's figures reflected a struggling European economy. Will today's economic releases and events continue to weigh down EUR/USD, pushing it to 1.2445?
Last week markets started out on a shaky note but with a firmer Greenback. The high risk events were the ECB meeting and the NFP data for September, which brought some volatility to the fx markets.
As expected the Japanese yen is weak against the USD, and continuing to be so as long as it stays above 105.65. In the past that figure was seen as support but has now shifted to resistance.
The Bank of Japan announced that they decided by a unanimous vote, to leave the bank's policy unchanged, keeping the same soft policy or as I call it flexible policy/optimistic economic outlook.
If you were one of our followers, and took note of the prices we mentioned in the previous article about JPY, you could have made $2,000 with an investment of $200.
