EURJPY is currently in an impulsive non-volatile bullish trend which showed small retracement along the path. Today EUR had several macroeconomic reports: Spanish Manufacturing PMI was quite as expected at 54.5 (vs. 54.3 forecast), Italian Monthly Unemployment Rate increased to 11.7% (vs. 11.6% expected), and EUR Unemployment Rate was unchanged at 9.5% (vs. 9.4% forecast). On the other hand, Japan's Monetary Base report was published with a negative value at 19.8% and BOJ Core CPI report was also negative at -0.1% which was expected to be at 0.2%. Overall both currencies are in a negative economic report streak, but EUR seemed to be quite ahead of JPY recently and if the EUR manages to sustain these economic reports growth against JPY, then we may see many upward moves in this pair in the future.
Now let us look at the technical view. The price has moved upside without any good retracement to 20 EMA. Currently, we are expecting the price to move down towards 121.10 and then if we see any bearish rejection off the level, we will be looking forward to the price to move up towards the 125.00 resistance area.
