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EUR/JPY bounds off ST support at 128.07. Can the rally continue?

FXstreet.com (Barcelona) - The EUR/JPY may have completed an “abc” downside correction at 128.07 but will have to hold strong through plenty of euro data for the rest of the week.

EUR/JPY has been a battle of two strong currencies recently

Both the euro and Yen have shown relative strength versus other currencies of late (witness the recent sizeable moves in the EURUSD and the USDJPY). However, the euro in particular is showing the potential to reverse and trade significantly lower while the Yen – although correcting lower in the very short-term – seems to still have more work to do on the upside. Time will tell if what appears to be developing now turns into reality later.
EUR/JPY traders still have the following data to digest through the rest of the week:
• Tuesday 8/13: German CPI; British CPI; EuroZone Industrial Production; German Current Situation / Economic Sentiment; EuroZone Economic Sentiment;
• Wednesday 8/14 –German GDP; EuroZone CPI; EuroZone GDP; Foreign Investment in Japanese Securities
• Friday 8/16 – EuroZone CPI

Technical outlook for EUR/JPY

As noted above, technicians are pointing to a potential completion of an “abc” correction to the downside at 128.07 for the EUR/JPY. If that level holds, then a move up to 132.64 should take place. On the other hand, if the euro is really to falter and the Yen is destined to rally further, they say that 128.07 should give way as support sooner than later. If that support falters, then 126.77 would be the next mile-marker on the downside.

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