FxWirePro: EUR/JPY upside pauses shy of cloud top, markets await eurozone inflation data for further impetus

EUR/JPY chart - Trading View 

• EUR/JPY is trading at 124.76 at 60:00 GMT, up 0.32% on the day.
   
• The pair is extending the bullish gap open after EUR buoyed on upbeat China data and the resulting risk-on. 
   
• Technical studies on intraday charts have turned slightly bullish. RSI and Stochs are biased higher.
   
• The pair has bounced off trendline support and has edged above 5-DMA.
   
• 200H SMA is immediate resistance at 124.94. Break above could see further upside.
   
• Break above 200H SMA eyes 20-DMA at 125.38 ahead of 100-DMA at 126.15.
   
• 5-DMA is immediate support at 124.42. Break below cloud negates any bullish bias.

Upcoming data in focus for further impetus:

Spain: Markit manufacturing PMI report due at 7:15 GMT.
Italy: Markit manufacturing PMI report due at 7:45 GMT, followed by unemployment report at 9:00 GMT.
France: Markit manufacturing PMI report due at 7:50 GMT.
Germany: Markit manufacturing PMI report due at 7:55 GMT.
Eurozone: Markit manufacturing PMI report due at 8:00 GMT, followed by flash CPI inflation at 9:00 GMT.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.