EUR declined by 0.20% against JPY on Wednesday. If there is good news for the US economy on Thursday, currencies pairs EUR/JPY and USD/JPY could gain muscles.
The currency pair is actually slightly oversold.
Is there reason to believe that a bullish reversal coming up ?
Technically, EUR/JPY is being traded at 140.40, the most important support level for today.
If the price breaks the support zone, traders can watch out for 140.00 as the next target.
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Thursday will realease a lot of important information about GDP from the USA and Jobless Claims. The scenario seems bullish for dollar. A high reading about Gross Domestic Product will be benefitial for bull traders as such as a low reading can disappoint the markets.
It can be frustating to trade the economy of the United Statesas similar to playing the russian roulette because forecasts can not match their expectations. That's the reason why some investors prefer to wait the official number in order to trade safely with a solid trend.
Outlook:
Trend: slightly bullish.
Stoch: Oversold
Resistance 1 :141.27
Resistance 2 :141.50
Pivot 140.80
Support 1: 140.40
Support 2: 140.00
Watch out for news released by the census bureau today:
1.Gross Domestic Product Annualized
2.Gross Domestic Product Price Index
3.Continuing Jobless Claims
4.Initial Jobless Claims
5.FOMC Member Pianalto Speech
6.Japanese National Consumer Price Index (YoY)
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