• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Rapidus president said that the initial goal of Rapidus semiconductor manufacturing yield is to increase to 50%, and eventually to 80~90%.Hang Seng Index futures opened down 0.23% at 23,206 points, 8 points below the spot price.April 2nd news, US President Trumps so-called "Liberation Day" is likely to be just one of many steps in the ongoing trade war. Ethan Harris, former head of economic research at Bank of America, said that the United States is unlikely to make the policy clarity that investors, businesses and households desire. Harris said that even if the trade war ends, the US economy will still be weakened by policies in other areas, such as cutting government spending and employment. He said that one way to judge who is hurting whom in global trade is to look at the complaints submitted to the World Trade Organization. He pointed out that the United States receives more complaints than it issues. The United States is the plaintiff in 135 cases and the defendant in 168 cases. Harris added that this is another reason why many countries will retaliate against US tariffs.On April 2, USD/RMB reported 7.1793, up 18 points (RMB depreciation); EUR/RMB reported 7.7826, down 87 points; HKD/RMB reported 0.92267, up 1 point; GBP/RMB reported 9.3163, up 109 points; AUD/RMB reported 4.5373, up 357 points; CAD/RMB reported 5.0508, up 411 points; JPY/RMB reported 4.8224, up 139 points; RMB/Russian Ruble reported 11.6325, up 1684 points; NZD/RMB reported 4.1290, up 330 points; RMB/Ringgit reported 0.61676, down 3 points; CHF/RMB reported 8.1491, up 74 points; SGD/RMB reported 5.3621, up 20 points.Japanese Finance Minister Katsunobu Kato: Expressed concern about the consistency of US tariffs with WTO agreements.

Price Analysis: EUR/JPY Symmetrical Triangle Signals Upcoming Consolidation

Daniel Rogers

May 20, 2022 10:08

The EUR/JPY pair is bouncing within a narrow range of 13510-135.44 at the start of the Tokyo session, following a stronger advance from its critical support at 134.00. This week, the cross has showed erratic behavior and has relinquished all of its gains from the first two trading sessions.

 

The creation of a Symmetrical Triangle on an hourly basis suggests a rangebound motion in the following trading sessions. The ascending trendline is drawn from the previous week's low of 132.66, while the descending trendline is drawn from the May 9 high of 138.32. A symmetrical triangle typically results in a decline in volatility, followed by a breakout in the same.

 

The 20-period and 50-period Exponential Moving Averages (EMAs) are overlapping, indicating an impending consolidation.

 

Meanwhile, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating a lack of direction. Therefore, investors should anticipate a further reduction in volatility.

 

After fluctuating in a tight range, a significant decline below the Symmetrical Triangle at 134.70 will push the asset towards Thursday's bottom at 133.93, followed by last week's low at 132.66.

 

Alternately, the shared currency bulls might propel the asset higher towards Wednesday's high of 136.67 and May 9's high of 138.32 if the Symmetrical Triangle is broken to the upside at 135.5.

Hourly EUR/JPY Chart

 image.png