FxWirePro: EUR/JPY spikes over 0.60%, on verge of cloud breakout

Chart - Courtesy Trading View 

EUR/JPY was trading 0.62% higher on the day at 144.21 at around 11:20 GMT.

Data released by Eurostat on Wednesday showed Euro area Q3 seasonally adjusted Gross Domestic Product (GDP) expanded at an annual rate of 2.3%, beating forecasts at 2.1% and followed a 4.2% prior.

Further, the Euro area Employment Change was up 1.8%on a yearly basis in the third quarter, slightly higher than the market expectation of 1.7%.

Germany's Industrial Output decreased by 0.1% MoM in October vs. -0.5% expected and 0.6% prior, the federal statistics authority Destatis reported on Wednesday.

On an annualized basis, German Industrial Production arrived at 0% in October versus 2.6% prior and 2.3% forecasted.

The single currency shrugs off mixed data. The pair has resumed upside , largely ignores the Inverted Hammer formation on the previous session's candle.

Price action has edged above 200H MA and GMMA indicator has turned bullish on the intraday charts.

Momentum is bullish, Stochs and RSI are biased higher, RSI has edged above 50 mark. Chikou span is biased higher.

EUR/JPY is on verge of cloud breakout. Decisive close above daily cloud will fuel further upside in the pair.