I’m just starting out of forex and in creating my trading plan I have been concentrating on technical analysis on EUR/JPY. Today (03-Oct-2007) I noticed a 69 pip increase in EUR/JPY between 06:39 GMT and 07:06 GMT from 164.12 to 164.81. I didn’t see it coming other than green marubozu’s crossing over the upper Bollinger band and the lower Bollinger band moving down fast (two signals in my plan to go long). So far I’ve only concentrated on technical analysis and have yet to test the fundamental analysis side. So I was wondering why the sudden increase. So I looked at babypips.com tools and noted German Services PMI (?) being released at 08:00 GMT.
Do you experts think this increase in EUR/JPY was anything to do with the German Services PMI @ 08:00 GMT?