EUR/JPY chart on Trading View used for analysis
- EUR/JPY extends sideways grind along 21-EMA, intraday bias neutral.
- Major trend in the pair remains bearish, break below 20-DMA will see weakness.
- That said, US-DE (German) 10-year yield spread fell to 248 basis points earlier today, with scope for further downside, favors upside in the EUR.
- Focus now on , German jobs and the Eurozone Q4 GDP data for further impetus.
- Upbeat data which could dash hopes of a dovish change in the ECB's forward guidance might support the Euro higher.
- For now, we do not see much support for any upside on the charts from technical indicators.
- Next major resistance lies at 38.2% Fib at 126, while 1H 55 EMA is immediate support at 125.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
