FxWirePro: EUR/JPY comatose ahead of German CPI data, extends consolidation above 200-DMA

EUR/JPY chart - Trading View 

EUR/JPY was trading rangebound on the day at 129.56 at around 11:00 GMT, with session high at 129.66 and low at 129.48.

The pair is extending consolidation above 200-DMA and is poised for further upside. Traders await German inflation data for impetus.

Earlier in the session, Business Confidence in Spain slipped to 0.1 in August from 1.4 in the previous month.

Spain Retail Sales expanded 0.1% MoM in the same period and the CPI was up 0.4% MoM and 3.3% from a year earlier.

In the broader Euroland, the final Consumer Confidence tracked by the European Commission (EC) came in at -5.3 and the Economic Sentiment eased to 117.5 from 119 in the prior month.

Details of the report showed sentiment fell sharply in France and the Netherlands, and to a lesser extent in Italy, Poland and Spain. In Germany, sentiment remained virtually unchanged.

Technical bias for the pair is turning bullish and upside bias remains intact as long as pair holds above 200-DMA.

The pair finds some major resistance at 130 mark (nearly converged 55 and 110 EMAs) ahead of daily cloud. 

Cloud breakout will buoy bulls in the pair and confirm upside resumption. Bullish invalidation likely below 200-DMA.