FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

EUR/JPY was trading 0.30% higher on the day at 143.90 at around 12:30 GMT.

The pair trades within the daily cloud and decisive break above will fuel further upside.

The shared currency undermined by diminishing odds for more aggressive rate hikes by the European Central Bank (ECB).

The Japanese Yen is weighed down by the weaker domestic data, showing an unexpected current account deficit. The pair largely ignored upbeat final Q3 GDP readings.

Japan’s Q3 final Gross Domestic Product (GDP) readings came in better than initial forecasts. The QoQ figures improved to -0.2% versus -0.3%, while the Annualized GDP came in at -0.8% versus -1.1% expected and -1.2% prior.

The latest fears emanating from China and Russia also exert downside pressure on the EUR/JPY prices, likely capping upside.

GMMA indicator shows trend is neutral. The pair finds strong support at 110-EMA, major weakness only on break below.