FxWirePro: EUR/JPY trades directionless above 21-EMA, mixed ZEW Surveys fail to impress

Chart - Courtesy Trading View 

EUR/JPY was trading 0.21% lower on the day at 137.27 at around 15:30 GMT. The single currency unfazed after mixed ZEW Surveys and Eurozone data.

The German ZEW headline numbers for May showed that the Economic Sentiment Index improved to -34.3 despite looming recession risks, from -41.0 previous and beating estimates of -42.0.

Meanwhile, the Current Situation sub-index slumped to -36.5 in May, below forecasts at -35.0 and compared to -30.8 recorded in the previous month.

The Eurozone ZEW Economic Sentiment Index stood at -29.5 in the current month as compared to the -43.0 previous reading and -41.0 expected. 

Technical indicators do not provide a clear directional bias. Major trend is bullish, but minor trend has gone neutral as evidenced by the GMMA indicator.

21-EMA is major support at 136.72. Break below will drag the pair lower. Breach below cloud or 200-DMA will change major trend to bearish.