Chart - Courtesy Trading View
Spot Analysis:
EUR/JPY was trading 0.66% higher on the day at 134.04 at around 08:40 GMT
Previous Week's High/ Low: 138.15/ 136.51
Previous Session's High/ Low: 136.74/ 132.65
Fundamental Overview:
Data published by Eurostat showed on Friday, that Eurozone’s Industrial Production fell less than expected in March.
Eurozone’s industrial output arrived at -1.8% MoM vs. a 2.0% drop expected and 0.5% last.
On an annualized basis, the industrial output dropped by 0.8% in March versus a -1.0% decline expected and February’s 1.7%.
Upbeat data is likely to keep the euro supported.
Technical Analysis:
- EUR/JPY has paused downside at daily cloud top and 110-EMA support
- Price action is below 200H MA and 5-DMA is biased lower
- Stochs and RSI show momentum is bearish.
- MACD and ADX support downside in the pair
Major Support and Resistance Levels:
Support - 133.02 (110-EMA), Resistance - 134.68 (55-EMA)
Summary: EUR/JPY trades with a bearish bias. Recovery lacks traction. Watch out for break below 110-EMA for further weakness.
