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EUR/JPY chart - Trading View
EUR/JPY was trading 0.20% higher on the day at 127.97 at around 09:50 GMT, outlook is bullish.
The pair is on track to test 61.8% Fib retracement at 128.67, bullish momentum to carry prices higher.
Data released earlier today showed headline German IFO Business Climate Index spiked to 92.4 in February, beating the consensus estimates of 90.5 by a big margin.
The Current Economic Assessment printed at 90.6 points, above forecasts at 88.9 and compared to last month's 89.2.
Further, the IFO Expectations Index climbed to 94.2 in February from the previous month’s 91.5 reading and better than the market expectations of 91.8.
The single currency was largely muted to upbeat data. Technical studies however support upside in the pair.
61.8% Fib at 128.67 in sight. Further bullishness will take the pair to test 200 month MA at 130.33. Bullish invalidation likely on retrace below 200W MA.
