FxWirePro: EUR/JPY slips below daily cloud, better-than-expected EU Consumer Confidence indicator fails to impress
FxWirePro: EUR/JPY holds gains, upbeat German ZEW Economic Sentiment data boosts euro
EUR/JPY chart - Trading View
EUR/JPY extends gains after upbeat German ZEW Economic Sentiment data boosts euro.
The German ZEW Economic Sentiment came out at 71.5 points in August, above expectations, and rising from 59.3 reported in July.
On the other hand, the Current Conditions figure deteriorated to -81.3, worse than projected and below -80.9 reported in July.
The pair is trading above weekly cloud and momentum is bullish. Price action hovers around 200W MA.
Decisive breakout at 200W MA will propel the pair higher. Next major bull target lies at 61.8% Fib at 128.67.
21-EMA is strong support at 123.81. Major trend is bullish. Minor trend is turning bullish.
Support levels - 123.81 (21-EMA), 123.22 (38.2% Fib)
Resistance levels - 125.95 (50% Fib), 127.50 (Feb 2019 high)