EUR/JPY is struggling to extend four-day winning streak despite dismal Japanese data

• EUR/JPY's four-day winning run is showing signs of exhaustion in Friday's Asian session. 
• Japan's industrial production fell 4.2% in October, the most since early 2018. 
• Losses in the US equity index futures are likely supporting Yen. 

EUR/JPY is currently trading at 120.60, representing marginal gains on the day, having eked out gains in each of the previous four trading days.

The pair is struggling to extend the four-day winning streak despite the disappointing Japanese data released a few minutes before press time.

Japan's factory production declined 4.2% month-on-month in October, the most since early 2018, beating the forecasted figure of 2% by a big margin. Meanwhile, Tokyo's core consumer prices, a leading indicator of nationwide inflation trend, rose 0.7% in November as expected and the jobless rate remained unchanged 2.4% in October.

The industrial production dropped in October due to trade tensions and extreme weather. That Japan's economy is facing downward pressure due to trade issues is generally accepted by now. This explains the resilience in the Yen. 

Also, the futures on the S&P 500 are currently reporting a 0.17% drop. The signs of risk aversion are likely keeping investors from offering the anti-risk Yen. EUR/JPY will likely drop to the 5-day moving average support at 120.34 if the equities extend losses. 

Technical levels