Overall, EUR/JPY is trending upwards. Recently, EUR/JPY broke above the key level of 125 and moved into the key level of 126.
The German Final GDP q/q data (Actual: -9.7%, Forecast: -10.1%, Previous: -10.1%) released yesterday indicated a slight upwards revision of quarterly GDP from the preliminary release. Nonetheless, Germany is still experiencing negative growth during the second quarter of 2020.
Also, the German ifo Business Climate data (Actual: 92.6, Forecast: 92.5 Previous: 90.5) released yesterday indicated that German companies were more optimistic with the business situation in Germany in August than July.
Yesterday, it was reported that Japanese Prime Minister Shinzo Abe is planning to hold a press conference this coming Friday on the COVID-19 measure that has been undertaken by the government.
Currently, EUR/JPY is bouncing off the key level of 126. Its next support zone is at 124.200 and the next resistance zone is at 126.500.
Look for buying opportunities of EUR/JPY if it breaks above the key level of 126.
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