FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

EUR/JPY was trading 0.44% higher on the day at 138.67 at around 10:15 GMT, outlook is bullish.

The pair was extending gains for the 5th consecutive session, extends bounce off 50-DMA support.

Data published by Eurostat showed on Wednesday that the euro area and the EU Unemployment Rate stayed unchanged at 6.8% and 6.2%, respectively, in April. Markets were expecting the euro area Unemployment Rate to edge lower to 6.7%.

GMMA indicator shows major and minor trend are strongly bullish. 5-DMA is sharply higher.

Momentum is bullish, volatility is high. MACD confirms bullish crossover on signal line and ADX supports gains.

Support levels:

S1: 137.38 (5-DMA)

S2: 136.50 (21-EMA)

Resistance levels:

R1: 139.05 (Upper BB)

R2: 140 (April 18 high)

Summary: EUR/JPY trades with a bullish bias, the pair is poised for further upside. Scope for retest of yearly high above 140 handle.