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EUR/JPY has been impulsive amid bearish pressure which earlier led the price from 129.50 area to the present 125.50 support area. EUR has been struggling due to the ongoing trade war tensions and the Brexit situation, whereas positive economic reports from Japan provided the required push for the currency to gain momentum.
This week on Tuesday, Japan's Revised Industrial Production report was published with an increase to -1.8% which was expected to be unchanged at -2.1%. The positive economic report helped JPY to regain the momentum it had lost recently against EUR. Tomorrow, Japan's Trade Balance report is going to be published which is expected to decrease to 0.02T from the previous figure of 0.07T. Though the forecast is downbeat, better-than-expected score is expected to increase the momentum of JPY gains for a while.
On the other hand, ahead of the Eurozone's Final CPI report to be published on Friday which is expected to be unchanged at 2.1%, today few impactful economic reports are due because the Assumption day is celebrated in Germany and Italy. Tomorrow, the Eurozone's Trade Balance report is going to be published which is expected to increase to 17.0B from the previous figure of 16.9B and German WPI is expected to be unchanged at 0.5%.
As of the current scenario, EUR is still quite indecisive having neutral forecasts for the upcoming economic reports to be published whereas if JPY manages to perform better with the upcoming reports, further gain on the JPY side is expected in the pair for the coming days.
Now let us look at the technical chart. The price is currently residing at the edge of 125.50 area from where the price is expected to retrace a bit higher before pushing lower towards 124.50 in the future. Though the dynamic levels are bit higher than the current price, certain bearish momentum is expected in the pair before it starts to push higher after the daily rejection off the 124.50 area. As the price remains above 124.50, certain bullish intervention is expected in the process.
SUPPORT: 124.50, 125.50
RESISTANCE: 129.50
BIAS: BEARISH
MOMENTUM: VOLATILE
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