EUR/JPY is currently climbing in a corrective structure towards 118.20 after a bounce off 114.70 area. Today, among the economic data from the eurozone is Italian Trade Balance report which is forecasted to be at 2.24B which previously was at -0.57B. Final CPI in the eurozone is expected is to be unchanged at 1.5%. Besides, Final Core CPI is expected to be unchanged at 0.7%. The eurozone's trade balance report is also going to be released with an expectation of a 18.6B proficit which previously was at 15.7B. On the other hand, Japan does not present any economic data today to compete with EUR. If the eurozone's economic reports come out better than expected, then we can see the pair climb to be more powerful.
Now let us look at the pair from the technical view. The price is currently way lower than the dynamic level of 20 EMA. After 2 days of bullish pressure in this pair, a break above 116.20 is an indication of a further bullish move. Currently, the pair is riding a bullish bias with a target towards 118.20. If the price closes below 116.20, then only the bullish bias will be changed to bearish and the pair will target a lower support at 114.70.
