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EUR/JPY has been quite volatile and corrective at the edge of 130.00 area from where the price is expected to sink lower in the coming days. JPY has been the dominant currency in the pair for a few days. If the reports from the eurozone do not come up with strong economic results, further bearish pressure is expected in this pair.
Recently Japan's Revised Industrial Production report was published with a decrease to 0.2% which was expected to be unchanged at 0.7%. Despite the recent downbeat economic data from Japan this week, the currency managed to sustain the bearish pressure aead of the Trade Balance report yet to be published which is expected to decrease to -0.34T from the previous figure of -0.19T. If this economic report is positive, it will indicate further downward momentum in the future.
On the EUR side, today European Union Summit is going to take place which is expected to make a serious high impact on EUR gains. Moreover, today the eurozone's Final CPI report is going to be published which is expected to be unchanged at 2.1% and Final Core CPI is also expected to be unchanged at 0.9%.
Meanwhile, Japan's recent economic data and expectations are sour. As the eurozone has not provided upbeat economic data so far, JPY managed to sustain the momentum for a few days. If macroeconomic data from the eurozone which is due today surpasses expectations, then certain bullish counter momentum may be observed in this pair.
Now let us look at the technical view. The price is currently quite bearish after rejecting off the 130.00 area while also being held by the dynamic level of 20 EMA as resistance. Amid the recent impulsive bearish pressure, the price is expected to fall lower with a target towards 128.00 support area in the coming days. As the price remains below 130.00 area with a daily close, the bearish pressure is expected to continue further.
SUPPORT: 128.00
RESISTANCE: 130.00, 131.00
BIAS: BEARISH
MOMENTUM: VOLATILE
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