EURJPY has found its support at the 119.40 area and currently having a bullish pullback towards 120. Today JPY seemed a bit weaker having BOJ Summary of Opinions meeting discussing about the further inflation rates and SPPI report which was quite positive at 0.8% which was expected to be at 0.5%. On the other hand, EUR had a high impact news on German Ifo Business Climate report which had a great positive outcome at 112.3 which was expected to be at 111.2, it has seen a significant growth which did helped EUR to gain some strength over the JPY. This week, EUR is expected to JPY in every way and climb some pips higher in this pair.
Now let us look at the technical view. The price has bounced off from the support of the 119.40 area and currently violating the 20 EMA resistance. Today if the market remains above the 20 EMA with a daily close, it is expected that the price will climb towards the 121.80-122.00 resistance area soon.
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