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FxWirePro: EUR/JPY hovers around 126 handle, single currency remains bid ahead of Eurozone PMIs

EUR/JPY chart - Trading View 

EUR/JPY ekes out marginal gains on the day, trades 0.15% higher after closing 0.46% higher in the previous session.

The pair has edged above 126 handle as the single currency remained bid ahead of Eurozone PMI data.

PMIs in German and across the eurozone are expected to show continued expansion in the manufacturing sector. 

The pair is likely to extend gains if the data prints in line with estimates or beats expectations. 

The ECB meeting concluded on Thursday was uneventful, with the central bank holding its policy-setting steady as expected.

The ECB’s main refinancing operations, marginal lending facility and deposit facility will remain at 0.00%, 0.25% and -0.50%, respectively.

Christine Lagarde during the press conference that followed said that the pandemic still poses serious risks and the central bank stands ready to act.

EUR/JPY trades with a neutral bias for the day. Price action has bounced off cloud support. 21-EMA offers stiff resistance at 126.06. 

Upbeat data could push the pair above 21-EMA raising scope for further gains. Bullish invalidation likely on break below cloud.

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