FxWirePro: EUR/JPY consolidates previous session's gains, outlook bullish

Chart - Courtesy Trading View 

Spot Analysis:

EUR/JPY was trading 0.10% lower on the day at 146.93 at around 09:50 GMT.

Previous Week's High/ Low: 148.40/ 144.08

Previous Session's High/ Low: 147.39/ 143.72

Fundamental Overview:

The headline German IFO Business Climate Index fell slightly to 84.3 in October, but bettered  market consensus of 83.3 and compared to previous reading of 84.4.

Meanwhile, the Current Economic Assessment fell to 94.1 points in the reported month as compared to July's 94.5 and 92.4 expected.

The IFO Expectations Index rose to 75.6 in October from the last month’s 75.3 and against the estimates of 75.0.

Technical Analysis:

- EUR/JPY consolidated previous session's gains

- The pair is holding above 5-DMA support

- Price action is extending gains for the fifth straight week

- GMMA indicator shows major and minor trend are bullish

Major Support and Resistance Levels:

Support - 144.29 (21-EMA), Resistance - 148.40 (Upper BB)

Summary: EUR/JPY is consolidating previous session's gains. Major trend remains bullish, the pair is on track to refresh yearly highs above 148.40.