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FxWirePro: EUR/JPY holds upside ahead of crucial German ZEW data, bias higher

EUR/JPY bounced off from fresh 3-year lows at 121.71 on Monday and is holding gains above the 123 handle. Markets await the crucial Germany ZEW Economic Sentiment data due ahead in the European session. The indicator imp…

By FxWire Pro
1 min read
FxWirePro: EUR/JPY holds upside ahead of crucial German ZEW data, bias higher
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  • EUR/JPY bounced off from fresh 3-year lows at 121.71 on Monday and is holding gains above the 123 handle.
     
  • Markets await the crucial Germany ZEW Economic Sentiment data due ahead in the European session.
     
  • The indicator improved to 4.3 points in March, however fell short of expectations at 6.3 points.
     
  • For April, the markets are expecting a strong improvement in the report, with a forecast of 8.2 points.
     
  • Any disappointment could drag the pair to 122 levels, while upbeat data could see test of 124.20 (38.2% Fib retrace of 128.22 to 121.71 fall). 
     
  • Technicals are not conclusive for any direction, but short-term bias remains higher.
     
  • Support on the downside aligns at 123.37 (10-DMA), 123.14 (5-DMA) and then at 123 (session lows).
     
  • Resistances are located at 123.56 (Apr 15th highs and day's high till now), 123.73 (Apr 11th high) and 124.
     

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By FxWirePro Team