FxWirePro: EUR/JPY snaps 2-day downtrend, upbeat Eurozone Industrial Production data boost euro
EUR/JPY chart - Trading View
EUR/JPY has paused a 2-day downside and was trading 0.43% higher on the day at 133.34 at around 16:20 GMT.
The pair has retraced brief dip below 21-EMA and has edged above 200H MA raising scope for upside resumption.
Price action has paused after 7-months winning streak and was trading 0.43% weaker on the month till date.
A decisive break above 200-month MA has raised scope for further upside in the pair.
Further, a 'Golden Cross' (bullish 50-DMA crossover on 200-DMA) on the weekly charts adds to the upside bias.
Analysis of the GMMA indicator shows major and minor trend are bullish on the weekly charts. Momentum is strongly bullish. Scope for test of 88.6% Fib at 134.87.