The euro against the yen declined in early trading by 0.5% after the movement was in its favor in the past two days. However, the strong data issued in Japan revived the yen in today's trading.

Note that the euro had witnessed an increase in trading yesterday with increasing hopes of reducing the current gap in interest rates between Europe and the United States and the position of the European Central Bank, which was more stringent than expected in the markets, reducing the possibilities of reducing European interest rates early in the year. Next, specifically during the first half of 2024

As for the yen, the data showed an increase that exceeded expectations for retail sales during November, the latest data indicating an acceleration in consumer spending, paving the way for the Japanese economy to return to the growth path, as retail sales are considered one of the most important indicators for measuring consumer spending, which represents more than 70% of the gross domestic product. These readings reflect strong economic activity in the country, which may help the Bank of Japan exit its loose interest rate policy early next year.

Coming to the technical indicators for analysis for the period associated with four hours, the Relative Strength Index is moving below the 50 levels, coinciding with a negative intersection in the MACD and negative movement of the market with the moving average.

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.