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EUR/JPY is currently residing in a corrective volatile structure after the break above 123.30-50 area. Euro has been gaining over Yen recently due to recent negative JPY economic reports. Today is an important day for JPY as Monetary Policy Meeting Minutes will be held which is a detailed record of BOJ Policy Boards Meeting providing in-depth insights into the economic conditions which influence the interest rate decision. As the news has a quite high impact, a good amount of volatility is expected to hit the market today. Along with the Monetary Policy Meeting Minutes, All Industry Activity report is going to be published which is expected to show a rise to 1.7% from -0.6% previously. On the Eurozone side, recently the trade balance report was published with the worst figure at 22.2B which was expected to be at 31.3B and along with it, German PPI report was also worst at -0.2% which was expected to be at -0.1%. As the recent JPY and EUR economic reports were negative the market is seen correcting itself due to no proper trendy move on each side of the market.
Now let us look at the technical view, the price has shown a good amount of bearish pressure due to negative economic reports of the Eurozone. Currently, the price is expected to show good amount bearish pressure after breaking below 123.30 with a daily close having a down target towards 118.40-50 support area. As the price remains below the trendline resistance of 124.65 the bearish bias is expected to continue further. The bearish bias will only negate if the price breaks above the trendline resistance with a daily close.
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