FxWirePro: EUR/JPY extends break above 21-EMA, euro remains bid ahead of German CPI data

Chart - Courtesy Trading View 

Spot Analysis:

EUR/JPY was trading 0.41% higher on the day at 136.99 at around 09:45 GMT

Previous Week's High/ Low: 136.79/ 134.65

Previous Session's High/ Low: 136.72/ 135.84

Fundamental Overview:

Eurozone's Final Consumer Confidence Index prints in line with expectations at -21.1 in May vs. -22.0 prior, according to the latest data release from the European Commission.

The Business Climate Index slipped to 1.26 vs. 1.59 booked in April. While, the bloc’s Economic Sentiment Indicator rose to 105.0 vs. 104.9 expected and previous.

The single currency remains bid, investors now await German CPI data for further impetus.

The recent hawkish remarks by the ECB policymakers continue to lend support to the euro.

Technical Analysis:

- EUR/JPY is extending break above 21-EMA

- The pair holds strong support at daily cloud

- Momentum is bullish, volatility is high

- GMMA indicator shows major and minor trend are strongly bullish

Major Support and Resistance Levels:

Support - 136.06 (21-EMA), Resistance - 138.52 (Upper BB)

Summary: EUR/JPY trades with a bullish technical bias. Upbeat German CPI could add to upside potential.