Fundamental Analysis of EUR/JPY for November 29, 2017
November 29, 2017 10:21 am
EUR/JPY is still residing at the lowest part of the range between 131.40 to 134.40 area whereas a bearish breakout is quite imminent. EUR and JPY have been quite mixed with the economic reports recently which lead the price to be indecisive, yet JPY has been the dominant currency in the pair. Today, JPY Retail Sales report was published with a negative value of -0.2% from the previous value of 2.3% which was expected to be at 0.1%. Despite the worse economic report JPY has managed to sustain the gains till now which is quite impressive in sense of market sentiment. On the EUR side, today German Prelim CPI report is going to be published which is expected to increase to 0.3% from the previous value of 0.0%, French Consumer Spending is expected to decrease to 0.0% from the previous value of 0.9%, French Prelim GDP is expected to be unchanged at 0.5% and Spanish Flash CPI report is expected to have slight increase to 1.7% from the previous value of 1.6%. EUR economic reports forecasts have been quite mixed today whereas JPY has been able to sustain the gain despite the worse economic reports published today. As of the current scenario, JPY is expected to dominate EUR further in the coming days.
Now let us look at the technical view, the price has been quite bearish recently after bouncing off the support area of 131.40. The price has been creating lower highs along the way which does indicate a pre-breakout structure within the range. As the price remains below 133.00 price area the bearish bias is expected to continue further which is expected to assist the break below 131.40 support area in the coming days with the target towards 128.00 support area.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY is still residing at the lowest part of the range between 131.40 to 134.40 area whereas a bearish breakout is quite imminent. EUR and JPY have been quite mixed with the economic reports recently which lead the price to be indecisive, yet JPY has been the dominant currency in the pair. Today, JPY Retail Sales report was published with a negative value of -0.2% from the previous value of 2.3% which was expected to be at 0.1%. Despite the worse economic report JPY has managed to sustain the gains till now which is quite impressive in sense of market sentiment. On the EUR side, today German Prelim CPI report is going to be published which is expected to increase to 0.3% from the previous value of 0.0%, French Consumer Spending is expected to decrease to 0.0% from the previous value of 0.9%, French Prelim GDP is expected to be unchanged at 0.5% and Spanish Flash CPI report is expected to have slight increase to 1.7% from the previous value of 1.6%. EUR economic reports forecasts have been quite mixed today whereas JPY has been able to sustain the gain despite the worse economic reports published today. As of the current scenario, JPY is expected to dominate EUR further in the coming days.
Now let us look at the technical view, the price has been quite bearish recently after bouncing off the support area of 131.40. The price has been creating lower highs along the way which does indicate a pre-breakout structure within the range. As the price remains below 133.00 price area the bearish bias is expected to continue further which is expected to assist the break below 131.40 support area in the coming days with the target towards 128.00 support area.
The material has been provided by InstaForex Company – www.instaforex.com
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