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EURJPY – Euro To Face Resistance Near 125.00?

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Aayush Jindal

EURJPY – Euro To Face Resistance Near 125.00?

Key Highlights

  • Euro after tumbling below 122.00 vs the Japanese yen found support, and recovered well.
  • There is a resistance trend line formed on the 4-hours chart of the EURJPY pair, which is acting as a hurdle for more gains.
  • In Japan today, the Tertiary Industry Index will be released by the Ministry of Economy, Trade and Industry for March 2016.
  • Today in the Euro Zone, the Gross Domestic Product figure will be released by the Eurostat, which is forecasted to post a growth of 0.6% in Q1 2016.

EURJPY Technical Analysis

The Euro recently moved higher vs the Japanese yen, and traded above the 100 simple moving average on the 4-hours chart. However, it found sellers on the upside near the 200 SMA (H4 Chart).EURJPY Moreover, there is a resistance trend line formed on the 4-hours chart of the EURJPY pair, which is acting as a barrier for the Euro bulls and preventing the upside move.The pair is currently moving down and is about to test the 100 SMA (H4 chart), which may act as a support area in the short term. A break below it might ignite more losses in EURJPY.

Japanese Tertiary Industry Index

Today in Japan, the Tertiary Industry Index, which indicates the domestic service sector in Japan such as information and communication, electricity and others will be released by the Ministry of Economy, Trade and Industry. No major impact is expected, since the news event is a low risk release.

Euro Zone GDP

Today, there are a couple of important economic releases lined up in the Euro Zone. The most crucial one is the Gross Domestic Product, which is a measure of the total value of all goods and services produced by the Eurozone will be released by the Eurostat. The forecast is slated for a rise of 0.6% in the GDP in Q1 2016, compared with the previous quarter.Moreover, the Germany consumer price index will also be released by the Statistiches Bundesamt Deutschland. The forecast is slated for a decline of 0.4% in April 2016, compared with the previous month.If the reports fail to impress the Euro buyers, then the shared currency may trade lower in the short term.
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