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EUR/JPY is currently residing at the lower end of the corrective range between 131.70 to 134.40 area which is currently showing some bearish momentum to break below the range support. Due to recent German issues EUR has been struggling to gain momentum against JPY, leading to bearish pressure in the pair which is expected to continue further. Today EUR Consumer Confidence report was published with better than expected figure of 0.0% which was expected to be unchanged at -0.1% whereas recently JPY was quite negative with the recent economic report of All Industrial Activity at -0.5% which previously was at 0.2%. Despite the worse economic reports from Japan, the currency gained momentum over EUR which explains the weakness of EUR in comparison and the strength of JPY in the market. This week there are some impactful news on EUR and JPY sides including the Flash Manufacturing and Services PMI reports which are expected to inject fair amount of volatility in the pair and indicate upcoming price action in the pair. To sum up, JPY has higher probability to gain over EUR with the existing market sentiment in favor whereas any upcoming JPY positive economic reports will accelerate the momentum in the coming days.
Now let us look at the technical view. The price is currently residing at the edge of 131.70 support level which is expected to break below in the coming days with target towards 130.00 support area in the coming days. The recent bearish momentum was quite impulsive in the pair, whereas new lower highs and price residing below the dynamic level of 20 EMA indicate the upcoming bearish momentum in the pair. As the price remains below 134.00 level, the bearish bias is expected to continue further.
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