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We’ve got a busy forex calendar ahead for the euro and the yen, making this slow trend higher in EUR/JPY one to watch for fresh buying opportunities.

Before moving on, ICYMI, today’s Daily U.S. Session Watchlist looked at USD/CAD ahead of U.S. GDP data, so be sure to check that out to see if there is still a potential play!

Intermarket Update:

Equity Markets Bond Yields Commodities & Crypto
DAX: 15640.47 +0.45%
FTSE: 7078.42 +0.88%
S&P 500: 4419.15 +0.42%
NASDAQ: 14778.26 +0.11%
US 10-YR: 1.264% +0.001
Bund 10-YR: -0.451% +0.001
UK 10-YR: 0.577% +0.004
JPN 10-YR: 0.019% +0.005
Oil: 73.53 +1.57%
Gold: 1,828.10 +1.57%
Bitcoin: $39,731.87 -1.63%
Ethereum: $2,313.02 +0.09%

Fresh Market Headlines & Economic Data:

Dow climbs 150 points to touch an intraday record as investors look past weak economic data

U.S. GDP rose 6.5% last quarter, well below expectations

U.S. senators upbeat on prospects for bipartisan infrastructure bill — for now

U.S. economy contracted 19.2% during COVID-19 pandemic recession

U.K. mortgage approvals fell to their lowest level in almost a year in June

ECB strategy may mean temporary inflation overshoots: accounts

German unemployment falls in sign of continuing recovery

Germany Preliminary Inflation rate for July 2021: +3.8%

Upcoming Potential Catalysts on the Economic Calendar

Japan Unemployment Rate at 11:30 pm GMT
Japan Industrial Production, Retail Sales at 11:50 pm GMT
Australia PPI, Private Sector Credit at 1:30 am GMT (July 30)
Japan Housing Starts, Construction Orders at 5:00 am GMT (July 30)
France GDP, Inflation Rate at 6:45 am GMT (July 30)
Spain GDP, Retail Sales at 7:00 am GMT (July 30)
Germany at 8:00 am GMT (July 30)
Italy GDP at 8:00 am GMT (July 30)
Euro Area GDP, Inflation Rate, Unemployment Rate at 9:00 am GMT (July 30)
Italy Inflation Rate at 9:00 am GMT (July 30)

If you’re not familiar with the forex market’s main trading sessions, check out our Forex Market Hours tool.

What to Watch: EUR/JPY

EUR/JPY 1-Hour Forex Chart
EUR/JPY 1-Hour Forex Chart

On the one hour chart of EUR/JPY above, we’ve got a slow grind higher in the pair and at the moment, the market is dipping to the rising lows pattern. Will this draw in the bulls to keep the uptrend going, or will the market break lower?

That may depend on the heavy calendar ahead for the pair, loaded with economic updates from both Japan and the Euro area. There isn’t lone notable event to single out as a highly probable big catalyst, so it’s likely a net read from both sets of countries will likely determine an intraday bias, if there is one.

With the trend in favor of the bulls, we’ll be looking out for net positive updates from Europe and net negative reads from Japan before considering a short-term long position on EUR/JPY. And if the market is leaning in favor of risk-on sentiment, that would likely be a positive contributor as well.

If this scenario plays out and price action shows bullish patterns after a retest of the rising trendline marked on the chart, we think the odds are good for a long position as it would draw in both technical and fundamental traders into the mix.