FxWirePro: EUR/JPY holds marginal gains, drop in German IFO Business Climate Index fails to deter bulls

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.09% higher on the day at 128.99 at around 10:55 GMT.

The pair is trading pivotal at 200-DMA resistance, decisive break above will fuel further gains.

German IFO data released earlier on Wednesday confirmed slowing momentum in economic recovery.

The headline German IFO Business Climate Index slipped to 99.4 in August versus last month's 100.8 and missing consensus estimates of 100.4.

Meanwhile, the Current Economic Assessment arrived at 101.4 points in the reported month as compared to last month's 100.4, slightly better than 100.8 anticipated.

The IFO Expectations Index dropped sharply to 97.5 in August from the previous month’s 101.2 reading and missing expectations of 100.0.

The single currency remained largely unfazed despite drop in German IFO Business Climate Index. EUR/JPY is extending gains for the 4th straight session.

Price action has edged above 200H MA. Stiff resistance is seen at 200-DMA at 129.12, decisive break above will see more upside in the pair.