This is the Economic GPS
The Yen Index report
I'm Thaddeus Cummins
Today is February 24th Wednesday 2021
The U.S. dollar (USD), British sterling (GBP) and Euro (EUR) were all up between 500 and 650 pips against the Japanese yen (JPY) as Wall Street opened down slightly for the second day.
France, Germany, Belgium and Luxembourg are in talks to ensure the European Union will allow essential business travel while curbing leisure travel.
Economic calendar reports Germany's actual growth beat forecast as did U.S. consumer confidence.
Here is today's technical analysis:
The JPY Index rose with the EUR leading the charge in forming a "head and shoulders" at the top of Wall Street's opening hour. The USD and the GBP following the EUR three or four units behind but tracing similar "head and shoulders" patterns. The USD/JPY appears to be cresting with a "spinning top" candle and a forming "bear cross" on the moving average convergence divergence (MACD) on the one hour chart. The RSI is in over bought territory signaling short. The 200-day moving average is 20 Pips below the USDJPY on the 1 hour technical chart at Wall Street opening. The SP500 opens lower but does not drop lower with muted volumes and a clear Elliott wave signaling short at the 1-hour technical chart. Sentiment appears to be short the USD versus the yen. For more information go to econgps.com.
This is Thaddeus Cummins looking forward to your continued success.
Thaddeus Cummins (he/him/his)
"Meditate on the Good. The Math will Follow"