EUR/JPY has been quite impulsive with the bearish pressure today after reaching the 131.50 resistance area. Despite no economic report or event from Japan today, JPY gained impulsive momentum against EUR which is expected to continue in the coming days. Recently, Japan's Trade Balance report was published with a significant decrease to -0.20T from the previous positive figure of 0.35T which was expected to be at -0.10T. Some downbeat economic reports did not help EUR to gain momentum, so EUR failed to extend strength for more bullish pressure today. Today, Germany's PPI report was published with a decrease to -0.1% from the previous value of 0.5% which was expected to be at 0.1%, Germany's ZEW Economic Sentiment report also showed a decrease to 5.1 from the previous figure of 17.8 which was expected to be at 13.1, and eurozone's ZEW Economic Sentiment report was also published with a significant decrease to 13.4 from the previous figure of 29.3 which was expected to be at 28.1. As for the current scenario, EUR lost a good amount of momentum today in light of recent downbeat economic reports. As a result, JPY easily gained ground in the market. JPY is currently expected to proceed further with the gains this week as the eurozone has no major economic report or event this week to produce an impact in the market.

Now let us look at the technical view. The price is currently quite impulsive with the bearish gains. The pair has rejected off the 131.50 price area with the confluence of the dynamic level of 20 EMA today. As for the current price action, the price may retrace a bit higher in the coming days before impulsive bearish pressure arises with a target towards 129.50 support area. As the price remains below 131.50 with a daily close, the bearish bias is expected to continue.