During Friday’s trading session EUR/JPY traded within the range of 137.50-138.59 and closed at 137.81, losing 0.01% for the day and 0.62% for the week.
Fundamental view
Japan
Japans Ministry of Economy, Trade and Industry (METI) will release Mays final reading of the nations Industrial Production index at 7:30 GMT on Monday. In April the index came in at 0.5%.
The index measures changes in the volume of production and refers to the amount of goods produced by industrial enterprises. The index is based on a study of production (Current Survey of Production). The survey covers 530 types of goods. This is the percentage change from the previous month, according to final data.
Euro zone
Industrial production in the Euro zone probably jumped 0.5% in April from the previous month, according to the median analysts’ estimate. In March, industrial output dropped 0.3%. On year-over-year basis, the index probably rose 0.9% in April, following an unexpected 0.1% decline in the previous month.
Industrial production is an indicator of the business cycle that shows the activity and development in the industry as a whole, by measuring the change in volume for a certain period of time. Information on industrial production is raised through special studies for EU members, that are called Prodcom. They cover between 5000 and 6000 products. The index measures the percentage change from the previous month.
A larger than expected increase in the industrial output would heighten the appeal of the euro. The official report is due out at 09:00 GMT on Monday.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/JPY manages to breach the first resistance level at 138.43, it will probably continue up to test 139.06. In case the second key resistance is broken, the pair will probably attempt to advance to 139.52.
If EUR/JPY manages to breach the first key support at 137.34, it will probably continue to slide and test 136.88. With this second key support broken, the movement to the downside will probably continue to 136.25.
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