FxWirePro: EUR/JPY struggles at 'Triangle Top' resistance, Euro area Economic Sentiment Index misses forecasts

Chart - Courtesy Trading View 

EUR/JPY was trading largely muted at 143.89 at around 12:20 GMT, up from session lows at 143.56. 

The single currency has largely ignored downbeat Euro area Economic Sentiment Index, trades muted.

The data published by the European Commission earlier on Monday showed Euro area Economic Sentiment Indicator edged lower to 99.7 in February from 99.8 in January, missing forecasts at 101.

Further, the Economic Sentiment Indicator for the larger European Union remained unchanged at 97.8.

Details of the report showed the Industrial Confidence in the Euro area declined to 0.5 from 1.2, the Services Sentiment advanced to 9.5 from 1.4 and the Consumer Confidence Index came in at -19, matching the flash estimate.

Support levels:

S1: 143.46 (5-DMA)

S2: 142.49 (21-EMA)

Resistance levels:

R1: 144 (Triangle Top)

R2: 144.67 (Upper BB)

Summary: EUR/JPY trades in a Symmetric Triangle Pattern and is currently testing Triangle top resistance at 144 level. Technical indicators are biased bullish. Watch out for breakout for further gains.