Fundamental Analysis of EUR/JPY for February 13, 2018
February 13, 2018 7:21 am
EUR/JPY has been quite indecisive after breaking below the 134.50 support area from where the price is expected to proceed lower towards the 131.50 support area in the coming days. JPY has been the dominant currency in the pair since the price bounced back from the 137.50 price area and is expected to continue its bearish pressure with certain corrections along the way lower. Today, JPY PPI report was published with a decrease to 2.7% as expected from the previous value of 3.0%, and Prelim Machine Tool Orders report showed an increase to 48.8% from the previous value of 48.3%. On the other hand, today, EUR French Prelim Private Payrolls report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%. This week we do not have any high influencing economic reports on both EUR and JPY side to inject impulsive pressure with a definite directional momentum. As of the current scenario, JPY is expected to be the dominant currency in the pair having backed by the recent positive economic reports which is expected to outrun the EUR gains in the coming days.
Now let us look at the technical view. The price is currently residing below the 134.50-135.00 price area from where it is expected to correct itself throughout the week before proceeding lower towards the 131.50 support area in the coming days. As the price remains below the 134.50-135.00 area and the dynamic level of 20 EMA with a daily close, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY has been quite indecisive after breaking below the 134.50 support area from where the price is expected to proceed lower towards the 131.50 support area in the coming days. JPY has been the dominant currency in the pair since the price bounced back from the 137.50 price area and is expected to continue its bearish pressure with certain corrections along the way lower. Today, JPY PPI report was published with a decrease to 2.7% as expected from the previous value of 3.0%, and Prelim Machine Tool Orders report showed an increase to 48.8% from the previous value of 48.3%. On the other hand, today, EUR French Prelim Private Payrolls report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%. This week we do not have any high influencing economic reports on both EUR and JPY side to inject impulsive pressure with a definite directional momentum. As of the current scenario, JPY is expected to be the dominant currency in the pair having backed by the recent positive economic reports which is expected to outrun the EUR gains in the coming days.
Now let us look at the technical view. The price is currently residing below the 134.50-135.00 price area from where it is expected to correct itself throughout the week before proceeding lower towards the 131.50 support area in the coming days. As the price remains below the 134.50-135.00 area and the dynamic level of 20 EMA with a daily close, the bearish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com
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