EUR/JPY chart - Trading View
- EUR/JPY hovers around 55-EMA resistance at 125.50, intraday bias bullish.
- Upbeat Germany industrial output data for February likely to support further gains.
- Data released earlier showed Germany February industrial output m/m increased to 0.7 %, beating forecast at 0.5 % and compared to -0.8 % in the previous month.
- 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.
Support levels - 125.10 (5-DMA), 124.27 (Mar 8 low)
Resistance levels - 125.50 (55-EMA), 126, 126.25 (110-EMA)
Recommendation: Stay long above 55-EMA at 125.50, SL: 125, TP: 126/ 126.25/ 126.75
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
