EUR/JPY is currently in a non-volatile bullish trend after breaking above the 130.50 recently. EUR has been quite positive with its economic reports where JPY is currently struggling to make good news on its side to dominate the market. Today JPY Monetary Base report was published with worst value at 15.6% from the previous value of 17.0% which was expected to be at 16.6% but Consumer Confidence showed a slight increase to 43.8 from the previous value of 43.3 which was expected to be at 43.5. On the EUR side, today Spanish Unemployment Change report was published with the worst figure at -26.9k from the previous figure of -98.3k which was expected to be at -66.5k and PPI report is going to be published which is expected to show less deficit at -0.1% from the previous value of -0.4%. Despite the worst figure published recently on the EUR side JPY failed to gain some momentum with mixed economic reports today which signals the severe weakness of JPY leading to further gains on the EUR in the coming days. ECB has been quite positive with the rate hike decision which can also be taken as a consideration of the impulsive gains on the EUR recently.
Now let us look at the technical view, the price is currently residing above the support level of 130.50 after breaking it with a daily close and expected to reach 132.20 resistance level in the coming days. As the price remains above the 130.50 level with a daily close the bullish bias is expected to continue further.
The material has been provided by InstaForex Company – www.instaforex.com