-EURUSD is taking support at the bullish trend line, where another confluence is a Dragonfly Doji at a higher low.

-USDJPY is in a strong uptrend; traders may look for BUY until the price beaks below the bullish channels or the previous wing low is beached.

Eurozone Consumer Price Index (CPI) YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR

The previous Actual data was 4.3%. The forecasted data is 4.3%. The report is due Tuesday, October 31, 2023, 15:30 GMT.

EURUSD Technical Analysis:

EURUSD was in a downtrend, crossing the 200EMA below. The price has formed a very visible pattern of lower highs and lows. There was a major twist in mid-Oct where we could see the RSI Bullish Divergence formation signalling the price could reverse and the BUYING sentiment is due.

However, after the RSI divergence, the price first broke the previous high and formed a higher high instead. We could also see a bullish trend line where the price action pattern is higher high and higher low formation.

There might be a buying trading opportunity as a dragonfly Doji forms in support of a bullish trend line. Traders may use a lower time frame and look for confluences for better trading opportunities.

Pivot Points: EURUSD

USA (USD): U.S. Nonfarm Payrolls

Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous Actual data was 336K. The forecasted data is 170K. The report is due Friday, November 3, 2023, 18:00 GMT.

USDJPY Technical Analysis:

As seen on the Daily TF, the price continues to trade up. As we know, going with the trend is the best option here, but now we can see some small candles with rejections that has formed near the swing high.

Well, there is no confirmation for the trend reversal as even the 200EMA is below the price, showing strong bullish sentiment. The RSI level is at 54.57, showing neutral overvalued and undervalued conditions. On the higher-time frame, traders can look for buys until the previous swing low or the bullish channel is breached.

Pivot Points: USDJPY

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