EUR/JPY Price Forecast: Bears test 100-day SMA after range breakdown

The Euro is showing strength against the Yen as the currency comes under pressure from weaker-than-expected GDP data from Japan. At the moment, EUR/JPY is trading around 181.76, having risen about 0.20% on the day. As a result, it is testing the bearish sentiment against the 100-day SMA. Market attention is also focused on Japan's economic indicators set to be released this week, particularly the GDP. In this unsettled market environment, EUR/JPY's movement is likely to be heavily influenced by upcoming economic data releases. Conversely, strong economic indicators might lead to a Yen rebound, but the current trend is bearish. From a technical standpoint, support may exist around the 181.00 level, and if it breaks below this, further declines could be anticipated. Alternatively, a move above 181.50 could open up more upside potential. However, at the current price of 181.76, no clear trade signal can be confirmed.