FxWirePro: EUR/JPY attempts tepid rebound ahead of Eurozone PMIs, edges above 21-EMA

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.28% higher on the day at 130.08 at around 07:30 GMT.

The pair is attempting a tepid bounce after 4 straight sessions of downside, edges above 21-EMA. 

The European Central Bank (ECB) monetary policy announcement turned out to be a non-event, which disappointed the hawks.

Traders await flash release of German Eurozone PMIs which could offer fresh directional cues. 

The Germany Manufacturing PMI is anticipated to have eased from a record high level of 66.6 to 65.8 in April. Services PMI is also expected to slow a bit to 50.8 from 51.5 in March. 

Eurozone flash manufacturing PMI is foreseen at 62 April, down from 62.5 in the previous month. While the services sector PMI is likely to fall to 49.1 from 49.6 in March.

Any surprisingly stronger readings would bound well with the ECB's optimism about a strong economic recovery and push the euro higher.

Major trend for the pair is bullish. Retrace has held above daily cloud and decisive close above 20-DMA will see upside resumption.