FxWirePro: EUR/JPY edges higher on positive German IFO surprise, good to go short on rallies

EUR/JPY chart - Trading View 

• EUR/JPY edges higher from session lows at 123.87 on positive German IFO surprise.
   
• The pair is currently trading at 124.77, up 0.45% at 0955 GMT.
   
• Single currency buoyed on upbeat German IFO data which came in as a positive surprise.
   
• The headline German Ifo business climate index came in at 99.6 in March, beating estimates pointing to 98.7 and stronger than last month's 98.5.
   
• The current economic assessment also bettered estimates, arriving at 103.8 as compared to last month's 103.4 and 102.9 anticipated.
   
• The Ifo Expectations Index was a big beat on expectations, arriving at 95.6 for March versus expectations of 94.0 and 93.8 recorded in February.
   
• Major trend in the pair is bearish. Upside finds stiff resistance at 50-DMA at 125.30. 
   
• The pair is currently holding cloud support. Break below will see weakness. 

Support levels - 124.03 (cloud base), 123.39 (Jan 15 low), 123

Resistance levels - 125, 125.30 (50-DMA), 125.54 (5-DMA) 

Recommendation: Good to go short on rallies around 124.70/80, SL: 125.55, TP: 124/ 123.40

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