EUR/JPY has recently rejected from the resistance 119.40 and the price is currently in bearish bias. Today EUR had some economic events, such as French Consumer Spending which is forecasted to be 0.6 and it was unchanged after published as well as French Prelim GDP was also unchanged with the forecast at 0.4%. French prelim CPI had some negative report at 0.1% which was forecasted to be 0.4% and Italian Prelim CPI was positive at 0.3% which was forecasted to be 0.1%. On the other hand, JPY had Prelim Industrial Production report which was forecasted to be 0.4% but published at -0.8% and Retail Sales report was forecasted at 0.9%, published at 1.0%. Despite the negative news of JPY industrial production EUR was unable to provide pressure on JPY. Daily close today will decide the further moves in this pair.
Now let us look at the technical view, the price has rejected from the 119.40 resistance and some bearish pressure is observed in this pair. As of recent bullish pressure it is not a good time for selling in this pressure but if the price clears the nearest support level 118.20 then it is expected that the bearish bias will continue, till then the price is expected to fluctuate between the area of 118.20-119.40.
The material has been provided by InstaForex Company – www.instaforex.com