FxWirePro: EUR/JPY edges higher, single currency ignores downbeat Eurozone GDP data

EUR/JPY chart - Trading View 

EUR/JPY edges higher from session lows at 123.79 and was trading at 124.19 at around 11:00 GMT, up 0.09% on the day.

The single currency largely ignores downbeat Eurozone growth figures and and reverses three day pullbacks.

The Eurozone economy grew 12.6% on quarter in the three months to September of 2020, missing +12.7% expected, the second estimate showed on Friday. 

On an annualized basis, the bloc’s GDP fell by 4.4% in Q3 vs. -4.3% seen in the previous reading,  also missing -4.3% expected.

Further, Eurozone September trade balance came in at €24.0 billion vs. €21.9 billion expected. Meanwhile, the EU’s employment change stood at 0.9% QoQ in Q3 vs. -2.9% last.

The pair climbs higher amid improving market mood. Infections in the European Union are beginning to flatten, according to the population-adjusted seven-day rolling average.

Price action is holding support at 50-DMA. Breakout above daily cloud will buoy bulls in the pair.