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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

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

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