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EUR/JPY has been quite corrective and volatile recently after a period of bearish pressure, bouncing off from 133.50 resistance area. JPY has been quite stronger than EUR recently which led to bearish pressure but the long-term trend is still very bullish which is expected to push the price higher again in the coming days. Today ECB President Mario Draghi spoke about the monetary policy, adjustments to shock and long-term growth. He stated that the unemployment rates have decreased in certain countries like Spain and Portugal but certain challenge of reforms is also to be considered as a lesson from the crisis which will contribute to better future of the economy. The speech was quite neutral in nature for the present situation but quite positive for the long-term goal which did not help the currency to gain significant momentum over JPY by now but expected to have a positive impact in the future. On the JPY side, today there are no economic events or reports from Japan but tomorrow Japan's Trade Balance report is going to be published which is expected to publish with a a smaller value of 0.31T from the previous figure of 0.37T and All Industrial Activity report is expected to show growth to 0.2% from the negative previous value of -0.1%. To sum up, ECB President Draghi has been quite positive about the long-term growth of the economy showing some positive attitude about the crisis that arouse the bullish market sentiment to push towards the bullish side over JPY's recent bearish trend. As for the current scenario, EUR is expected to gain momentum against JPY until Japan comes up with a positive high impact economic reports to support its gain against EUR in the future.
Now let us look at the technical chart. The price is currently residing inside the range of 131.70 to 132.50 which is a corrective area whereas the long-term trend is still quite bullish. There has been a good amount of correction going in this market after the price bounced off the 134.50 resistance area. As for the current situation, the price is expected to proceed up towards 134.50-135.00 resistance area in the coming days if we see a daily bullish close above 132.50 in the coming days. As the price remains above 131.70 support level the bullish bias is set to continue further.
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