FxWirePro: EUR/JPY Daily Outlook

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.