Forex Analysis | Outlook Euro And Yen 15 September 2015

The second day of trading this week, the movement observed to weaken the US dollar index, approaching the nearest support level of 95,000, but the price range is not too big. The market seems to be looking forward to the announcement of the FOMC Minutes on Friday morning at 01:00 am tomorrow. The weakening of the US dollar index to provide fresh air for several currency rivals.

EUR/USD

At 05:00 AM, the data released German ZEW Economic Sentiment 12.1, worse than expected 18.3 and the data ZEW Economic Sentiment release 33.3, worse than expected 42.1. Both of these data showed weakening sentiment about the economy in Germany and the euro zone region. Memerahnya both these data are expected to have a negative impact on the Euro currency.

Euro currency movements observed on the hourly chart (H1) Meta Trader, is within the price range of 1.13300 (resistance) to 1.12840 (support). Traders can utilize short selling action around the level of 1.13100 in line with the estimated decline in the German ZEW Economic Sentiment. However, if the data turned out to be released opposite of estimates, the Euro is likely to strengthen against the US dollar. Traders can place a buy stop order above the resistance level of 1.13300 to take chances bullish Euro which is expected towards the level of 1.13730 to 1.14500.





USD/JPY

In the European session today, the Yen was observed to tend to strengthen against the US dollar after BOJ Press Conference stating that the BOJ refrained from adding quantitative program by 80 trillion yen amid sluggish Japanese economy. The BOJ will consider the development of China's policies. BOJ would take steps to prevent the risk of weakening consumer spending and domestic production due to the impact of the weakening of China.
On the hourly chart (H1) Meta Trader, traders can utilize short selling dollar yen action at the level of 119 700 to expect the confirmation of the breakout Fibo 61.8 percent. Profit target can be placed at the level of 119250-118600, and restrictions on risk above 119 850. A break above 119 850 will reverse the movement of the dollar yen to rebound to levels 120280-12680.
Besides the market American session, markets will be looking at a series of US economic data to determine the movement of the euro and the US dollar further.