FxWirePro: EUR/JPY regains upside traction, retraces above 200H MA after upbeat Eurozone Retail Sales data
EUR/JPY chart - Trading View
EUR/JPY was trading 0.30% higher on the day at 131.41 at around 10:30 GMT.
The pair has paused downside and regained upside traction, scope for further gains.
Data released earlier on Thursday showed Retail Sales in the broader Euroland expanded at a monthly 2.7% in March and 12% from a year earlier.
The readings were better than consensus estimates pointing to a 1.5% and 9.6% growth, respectively.
In the meantime, yields of the German 10-year bunds trade within a side-lined theme around -0.24%.
Improved growth outlook in the euro area amid successful vaccine campaigns is likely to keep the single currency supported.
Price action has edged above 5-DMA and 200 H MA. Focus will be on ECB’s Lagarde speech (Thursday and Friday) for further impetus.
Major trend in the pair is bullish as evidenced by GMMA indicator. Retrace above hourly cloud could add to the upside bias.