FxWirePro: EUR/JPY extends range trade above 200-DMA, euro fails to capitalize upbeat Eurozone GDP data

Chart - Courtesy Trading View 

EUR/JPY was trading 0.21% lower on the day at 141.14 at around 11:30 GMT.

The pair is extending range trade above 200-DMA support, euro fails to capitalize upbeat Eurozone GDP data.

Data published by Eurostat earlier on Tuesday showed Eurozone economy expanded by 0.1% in the quarter in the three months to December of 2022, meeting the 0% expected and 0.3% prior.

On an annualized basis, the bloc’s GDP was up by 1.9% in Q4 vs. 2.3% booked in the third quarter of 2022, slightly above expectations at 1.8%.

EUR/JPY capped between major moving averages - 50 and 200 DMA, and break out on either side to decide further direction.

Technical indicators do not provide clear direction. GMMA indicator shows major and minor trend are neutral.

Support levels - 140.87 (200-DMA), 140.63 (20-DMA)

Resistance levels - 141.39 (5-DMA), 141.75 (55-EMA)

Summary: EUR/JPY trades with a neutral bias, trapped between 50 and 200 DMA. Watch out for decisive breakout for further direction.