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FxWirePro: EUR/JPY Daily Outlook

Chart - Courtesy Trading View 

EUR/JPY was trading 0.42% higher on the day at 145.05 at around 11:40 GMT, breaks above 5-DMA.

Talks for a more aggressive policy tightening by the European Central Bank (ECB), offers support to the Euro, keeping scope for upside.

The German ZEW headline numbers for October showed that the Economic Sentiment Index improved sharply to -36.7 in November from -59.2 in October, beating the market expectation of -50 by a wide margin. 

Furthermore, the Current Situation Index rose to -64.5 from -72.2, compared to analysts' estimate of -68.4. 

The ZEW Economic Sentiment Index for the Eurozone edged higher to -38.7 from -59.7.

EUR/JPY has bounced off 23.6% Fib retracement with a spinning top at lows. Price action has edged above 5-DMA.

200H MA is immediate resistance at 145.38. Watch out for decisive break above for upside continuation. 
 

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