FxWirePro: EUR/JPY refreshes 2-week highs after upbeat eurozone Manufacturing PMI

Chart - Courtesy Trading View 

EUR/JPY was trading 0.29% higher on the day at 145.90 at around 09:55 GMT.

The pair has hit fresh 2-week highs, technical indicators suggest more upside.

Euro buoyed across the board after eurozone manufacturing PMI data beat expectaTions.

Data released earlier on Wednesday showed Eurozone Manufacturing purchasing managers index (PMI) arrived at 47.3 in November vs. 46.0 expectations and 46.4 last. 

The bloc’s Services PMI stood at 48.6 in November vs. 48.0 expected and October’s 48.6. While Composite climbed to 47.8 in November vs. 47.0 estimated and 47.3 previous. 

Further, German Manufacturing PMI came in 46.7 at this month vs. 45.0 expected and 45.1 prior. 

Services PMI eased from 46.5 booked previously to 46.4, while Composite Output Index arrived at 46.4 in November vs. 44.9 expected and October’s 45.1. 

EUR/JPY has broken above 20-DMA, GMMA indicator shows major and minor trend are bullish. Momentum is with the bulls, RSI is above the 50 mark. 

Major Support Levels: 

S1: 145.48 (20-DMA)

S2: 145.21 (21-EMA)

Major Resistance Levels: 

R1: 146 

R2: 147.50 (Upper BB)

Summary: EUR/JPY is poised to extend gains. Scope for test of 147 levels. Bullish invalidation likely on retrace below 21-EMA.