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FxWirePro: EUR/JPY edges higher ahead of German inflation data, pivotal at cloud top resistance
EUR/JPY chart - Trading View
EUR/JPY was trading 0.23% higher on the day at 124.75 at around 08:25 GMT.
The single currency buoyed after upbeat inflation data from Spain and Switzerland November KOF leading indicator index.
Data released earlier today showed Switzerland November KOF leading indicator index rose to 103.5, above market expectations at 101.
Further Spain prelim HICP month-over-month for November printed at 0.1%, beating consensus for a reading of 0.0%.
Focus now on crucial German inflation data due at 13:00 GMT. Preliminary data is expected to show a drop by 0.7% month-on-month in November, following October's 0.1% rise.
The European Central Bank (ECB) is expected to boost monetary stimulus in December, and the dovish expectations would strengthen if the German Consumer Price Index for November prints below estimates.
EUR/JPY trades with a bullish bias. Price action is pivotal at cloud top and trendline resistance. Breakout at daily cloud will fuel further gains.
Next major hurdle for bulls aligns at 200W MA at 125.21. Break above 200W MA will bolster bullish bias.