Essential Analysis of EUR/JPY for July 17, 2018 888011000 110888 EUR/JPY has actually been trading with the bullish trajectory. The upward momentum led the price to live around the resistance area of 131.50-132.00 from where it is expected to push lower in the coming days. EUR has actually managed to gain momentum regardless of recent mixed economic reports which subdued spontaneous bullish pressure in the market.Recently, Italy’s Trade Balance report was released with an increase to 3.38 B from the previous figure of 2.99 B which was expected to be at 3.25 B and the euro location’s trade balance report was published with a reduction to 16.9 B from the previous figure of 18.0 B which was expected to be at 17.6 B. Ahead of the CPI report tomorrow which is anticipated to be the same at 2.0%, EUR is anticipated to trade roughly flat. On the other hand, amid the celebration of Marine Day recently, Japan did not release any economic reports and hold any occasions today. On Thursday, Japan’s Trade Balance report is going to be published which is expected to increase to 0.15 T from the previous figure of -0.30 T. On Friday, National Core CPI report is going to be published which is likewise expected to increase to 0.8%from the previous worth of 0.7%. At present, EUR gains are subsiding slowly against JPY. Any favorable financial report from Japan or worse-than-expected report from the eurozone might arouse momentum in JPY, resulting in additional bearish pressure in EUR/JPY in the coming days. Now let us take a look at the technical view. The rate has formed Bearish Divergence, while the rate is living inside the resistance location of 131.50-132.00 with an everyday close. Currently, a bearish daily close is expected in the market before the price declines lower in the coming days. A day-to-day close listed below 131.50 location will lead to more bearish momentum with a target to 129.50 and later on towards 125.00 assistance location in the future. The product has been supplied by InstaForex

By | July 17, 2018

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