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EUR/JPY chart - Trading View
Spot Analysis:
EUR/JPY was trading 0.04% higher on the day at 133.90 at around 10:00 GMT
Previous Session's High/ Low: 134.05/ 132.93
Previous Week's High/ Low: 133.43/ 132.51
Fundamental Overview:
The European Commission’s monthly sentiment survey showed Eurozone economic sentiment improved by more than expected to a three-year high in May.
Data released on Friday showed strongest gains in services, retail and among consumers as governments eased pandemic restrictions.
The European Commission’s economic sentiment index rose to 114.5 points in May from 110.5 in April, beating forecasts at 112.1.
Optimism in services rose to 11.3 points from 2.2, far above expectations of a rise to 7.5. Sentiment in the retail sector rose to 0.4 from -3.0.
Consumer sentiment increased to -5.1 from -8.1 in April, moving well above the long-term average of -11.0.
The index for consumers for price trends over the next 12 months moved up to 22.2 from 19.6, above the long-term average of 18.6. Selling price expectations among manufacturers also jumped to 29.9 in May from 24.2 in April.
Technical Analysis:
- Major trend in the pair is bullish. Breakout above 200-month MA has opened upside. Pullbacks if any are likely to be shallow.
- The pair ignores Doji formation on the previous week's candle and is on track to test 88.6% Fib.
- 5-DMA is immediate support at 133.36. Major weakness only below 200-month MA at 130.29.
Summary: Euro likely to garner support from upbeat eurozone data. EUR/JPY is poised for further gains. The pair is on track to test 88.6% Fib at 134.87 ahead of 2018 highs at 137.50.
