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EUR/JPY chart - Trading View
- Bid tone surrounding the shared currency improves after upbeat data.
- Eurozone’s retail sales increased by 0.4% in February and the services and composite PMI for March came in stronger than expected.
- German 10-year bund yields jumped back into the positive territory, in response to better-than-expected Euro area, further lending support to upside in the pair.
- EUR/JPY has edged above 125 handle and is trading at 125.39 at 1010 GMT, up 0.53% on the day.
- Technical studies on intraday charts have turned bullish. RSI and Stochs are biased higher.
- The pair has edged above daily cloud and is testing 55-EMA resistance at 125.52. Break above targets 110-EMA at 126.30.
- Immediate support lies at 21-EMA at 125.16. Break below 5-DMA at 124.68 to see further downside.
Recommendation: Stay long above 55-EMA at 125.52, SL: 124.65, TP: 126.30/ 127/ 127.50
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
