Most forex traders have closed the books for 2019 and the low volume trading environment allows for existing trends to extend. Spanish retail sales for November came in better than economists expected. The EURJPY ascended to the upper band of its horizontal resistance area, but where will this currency pair go from here? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

The Japanese labor market tightened with the jobless rate unexpectedly contracting to 2.2%. Clouding the positive report was industrial production data which showed an ongoing contraction. Retail sales for November came in below expectations and indicate the slowing economy shows no signs of improvement. Will bears step in and pressure the EURJPY into a reversal or can the bulls mount another breakout? Today’s fundamental analysis will take a look at price action in both directions.