Chart - Courtesy Trading View
EUR/JPY was trading 0.39% higher on the day at 135.88 at around 10:40 GMT, scope for further upside.
The pair has bounced off 200-DMA support and 'Hammer' formation in the previous session raises scope for upside.
Data released by Eurostat earlier on Wednesday showed Eurozone’s Retail Sales fell by 1.2% MoM in June versus 0.0% expected and 0.4% last.
On an annualized basis, the bloc’s Retail Sales came in at -3.7% in June versus 0.4% recorded in May and -1.7% estimated.
Eurozone’s Producer Price Index (PPI) arrived at 35.8% and 1.1%, YoY and MoM respectively. Both readings beating market expectations.
The pair is hovering around 5-DMA which is immediate resistance at 135.84, break above will see further gains.
On the flipside, 200-DMA is major support at 133.71. Further weakness only on decisive break below.
