FxWirePro: EUR/JPY resumes upside after Doji in previous session, ignores poor German data

Chart - Courtesy Trading View 

EUR/JPY was trading 0.41% higher on the day at 135.32 at around 12:10 GMT, outlook is bullish.

The pair has resumed upside after a brief downside, bounces off after Doji formation at lows in the previous session's trade.

The single currency ignored poor German Factory Orders data which declined more than expected in February.

According to data published by the Federal Statistics Office on Wednesday, German Factory Orders dropped by 2.2% on the month vs. -0.2% expected and 1.8% last.

On an annualized basis, Germany’s Industrial Orders rose by 2.9% in the reported month vs. 7.3% previous.

Data suggested that the recovery in the manufacturing sector of Europe’s economic powerhouse is in the doldrums.

With the ECB set to switch to a tightening regime and the hawkish message during the March meeting bolstered expectations that a rate hike could be the next step in the tightening phase at the end of the year.

The single currency remains bid, ignores poor German data, EUR/JPY edges above 5-DMA, poised for further upside.

Price action hovers around 200H MA resistance at 125.29, decisive break above will see extension of upside.