EURJPY Fundamental & Technical Analysis (April 4, 2013)

The EURJPY has shown interesting bearish patterns, which, supported not fall in the next session for the EURJPY. ¿Are we watching a full domination of the bears in this pair?

The EURJPY had a break of the uptrend line at the beginning of this week, which led to this pair to have fallen over 100 pips until today. Now we can expect the formation of a higher low pattern in the EURJPY, to continue falling in the medium term, to the nearest support at 117.35.

Be cautious with this pair because today, the Bank of Japan will publish the Overnight Call Rate, which is expected to maintain the interest rate at <0.10%, in addition, the BOJ will release its Monetary Policy Statement for later, give a press conference as usual each month. If the annoucements are optimistic for the Japanese economy, can lead the EURJPY to fell to the aforementioned support (117.35) or, may invalidate our bearish scenario for this pair if breaks to the upside, the nearest resistance at 120.35. Also, do not forget the eurozone economic news for today.

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