EUR/JPY has shown bullish rejection since the start of this week. Today, German ZEW Economic Sentiment report was released in the eurozone. The confidence indicator was forecasted to be at 13.2 but revealed a negatively figure of -12.8. Industrial Production was expected to rise 1.2% but the actual expansion was modest at 0.9%. The economic calendar lacks fundamental data from Japan today. So the negative reports from the eurozone enabled the JPY to gain some strength against it and push the price down. Tomorrow, some economic data is due in Japan. Revised Industrial Production report in the morning session is expected to show the same figure of -0.8%. If the industial production is in line with the forecast or shows some positive outcome, the JPY is expected to gain more strength against the EUR this week.
Now let us look at the chart from the technical viewpoint. The price has rejected from 122.90 and is currently showing some bearish pressure. The price is likely to reach the support at 121.20. If the price breaks below 121.20, it is expected to reach the second support at 120.35. Otherwise, if the price rejects from 121.20, then we might see some bullish movement again pushing the price higher.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/JPY has shown bullish rejection since the start of this week. Today, German ZEW Economic Sentiment report was released in the eurozone. The confidence indicator was forecasted to be at 13.2 but revealed a negatively figure of -12.8. Industrial Production was expected to rise 1.2% but the actual expansion was modest at 0.9%. The economic calendar lacks fundamental data from Japan today. So the negative reports from the eurozone enabled the JPY to gain some strength against it and push the price down. Tomorrow, some economic data is due in Japan. Revised Industrial Production report in the morning session is expected to show the same figure of -0.8%. If the industial production is in line with the forecast or shows some positive outcome, the JPY is expected to gain more strength against the EUR this week.
Now let us look at the chart from the technical viewpoint. The price has rejected from 122.90 and is currently showing some bearish pressure. The price is likely to reach the support at 121.20. If the price breaks below 121.20, it is expected to reach the second support at 120.35. Otherwise, if the price rejects from 121.20, then we might see some bullish movement again pushing the price higher.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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