FxWirePro: EURJPY trades marginally higher after better than expected ZEW survey, break above 110-EMA to see further upside

EUR/JPY chart - Trading View 

• EUR/JPY has retraced from session lows and is trading marginally higher at 126.38 at 1230 GMT.
   
• The single currency slightly bid after better than expected ZEW survey data.
   
• The ZEW survey showed German Economic Sentiment extended the bounce to -3.6 for the current month and Current Conditions eased to 11.1.
   
• Also, Economic Sentiment in the broader euro bloc improved to -2.5, bettering consensus.
   
• No significant development on the Brexit negotiations and the US-China trade front keep investors cautious.
   
• Evolving risk-appetite trends will remain the main driver of the price action in the near term.
   
• Technical studies for now support upside in the pair. Break above 110-EMA (126.61) will see further gains.
   
• Immediate support lies at 21-EMA at 125.85. Break below major trendline support at 125 will negate any bullish bias.

Support levels - 125.85 (21-EMA), 125 (trendline)

Resistance levels - 126.61 (110-EMA), 127.50 (Mar 1 high)

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