Chart - Courtesy Trading View
EUR/JPY was trading 0.18% lower on the day at 131.10 at around 12:30 GMT.
The pair has paused upside at 61.8% Fib, price is consolidating break above 200-DMA.
German Factory Orders rebound sharply by 3.7% MoM in November, a big beat on expectations.
On an annualized basis, Germany’s Industrial Orders rose by 1.3% in the reported month vs. 0.1% previous.
Data suggests that the recovery in the manufacturing sector of Europe’s economic powerhouse seems to have regained traction.
Focus now on Germany’s preliminary readings of Harmonized Index of Consumer Prices (HICP) for December, expected 5.7% YoY versus 6.0% prior.
Technical bias for the pair is bullish. Price action is above cloud and major moving averages.
The pair is hovering around 61.8% Fib, scope for test of 133 levels in the near term. Bullish invalidation only below 200-DMA.
