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EUR/JPY has been bullish in nature recently after breaking above the corrective structure resistance of 132.00. In light of recent positive economic reports and the hawkish statement of ECB President Draghi, the currency has been quite dominating JPY and it is expected to sustain in the long run as well. Recently, EUR Current Account report was published which showed an increase to 25.1B from the previous figure of 22.8B which was expected to decrease to 22.3B, German ZEW Economic Sentiment report published with significant growth to 17.0 from the previous figure of 10.0 which was expected to have a slight increase to 12.3, and ZEW eurozone Sentiment report was published with an increase to 31.7 from the previous figure of 29.3 which was expected to be at 32.4. Today, EUR German PPI report was published with an unchanged value at 0.2% which was expected to decrease to 0.1%. On the other hand, today Japan's Trade Balance report was published with an actual result of increase to 0.37T from the previous figure of 0.36T but it failed to meet the expectation of 0.41T. To sum up, though JPY was not quite better with the economic reports today as EUR, JPY was quite strong to hold the gains rather than losing some grounds to EUR today which is expected to lead to short- or medium-term bearish pressure in the market before EUR takes off the price with further gains on the upside.
Now let us look at the technical chart. The price is currently showing some bearish pressure in the market after the positive economic reports from the eurozone. It means indicates that the price is going to retrace towards 132.00 level before showing some upward move in the coming days towards the target of 134.30. As the price remains above the 130.60 level, the bullish bias is expected to continue further.
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