EUR/JPY is currently residing inside a corrective range of 128.50 to 130.60 area. EUR has been quite stronger than JPY today despite recent positive JPY reports. Today, EUR Italian Prelim GDP reports are going to be published which is expected to rise to 0.4% from the previous value of 0.2% and Flash GDP report is expected to be unchanged at 0.6%. On the other hand, JPY recently showed positive economic reports as well like Revised Industrial Production report was published with an increased value at 2.2% which was expected to be unchanged at 1.6% but having positive economic reports JPY could not quite dominate the EUR despite the Holiday observed in France and Italy for Assumption day. As of the current scenario, JPY is looking quite weaker which is helping in the gains of EUR as of recent observation of the market which is expected to continue further in the coming days. Though JPY has Trade Balance report to be published on Thursday which is expected to show a rise to 0.20T from the previous figure of 0.08T if the report gets published as a forecast or better than the expectation we might see gains on JPY soon.
Now let us look at the technical view, the price is currently residing inside the range of 128.50 to 130.60 corrective structure and inside the range, the price is currently residing above the dynamic level of 20 EMA which signals further bullish move in this pair. As of the recent impulsive bullish move directing to further upcoming bullish move in this pair, so the bullish pressure is much expected in this pair with a recent target towards 130.60 and if price breaks above the level with a daily close then we will be targeting 132.20 resistance level in the future. As the price remains above 128.50 support level with a daily close the bullish bias is expected to continue further.
