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Chart - Courtesy Trading View
EUR/JPY was trading 0.74% higher on the day at 130.69 at around 15:20 GMT, slightly lower from session highs at 130.76.
The single currency seems to have ignored escalating Ukraine crisis and remains buoyed by upbeat German IFO data released earlier on Tuesday.
The headline German IFO Business Climate Index beat market expectations at 96.5 and improved to 98.9 in February from 96 (revised from 95.7 in January).
Further details of the report showed that the Current Assessment Index rose to 98.6 from 96.2 and the Expectations Index advanced to 99.2 from 95.8.
EUR/JPY is on verge of forming a potential 'Bullish Engulfing' daily pattern, raising scope for further upside in the pair.
Price action has retraced dip below 200-DMA. Major and minor trend as evidenced by GMMA indicator are neutral. Close above 200-DMA will change near-term dynamics.
