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Chart - Courtesy Trading View
Spot Analysis:
EUR/JPY was trading 0.15% lower on the day at 144.84 at around 12:40 GMT.
Previous Week's High/ Low: 144.58/ 141.49
Previous Session's High/ Low: 145.10/ 143.66
Fundamental Overview:
The German ZEW Economic Sentiment Index improved sharply to -23.3 in December from -36.7 in November, beating market expectation of -26.4.
The Current Situation Index rose to -61.4 from -64.5 but missed market expectation of -57.
Further, the Eurozone ZEW Economic Sentiment Index rose to -23.6 from -38.7.
Technical Analysis:
- EUR/JPY pivotal at daily cloud top
- Volatility is high, momentum is bullish
- MACD confirms bullish crossover on signal line
- GMMA indicator shows major trend is neutral, while minor trend is bullish
Major Support and Resistance Levels:
Support - 144.31 (5-DMA), Resistance - 145.27 (Cloud top)
Summary: EUR/JPY on verge of cloud breakout. Failure at cloud top will see some weakness in the pair. Bullish invalidation below daily cloud.
