FxWirePro: Copper resumes rally, set to retest yearly highs at 4.364 as record Chinese imports in March fuel gains
FxWirePro: EUR/JPY struggles to extend gains, finds stiff resistance at monthly cloud
EUR/JPY chart - Trading View
EUR/JPY was trading in known ranges, forms successive spinning tops on the daily candle.
Price action is testing crucial resistance at monthly cloud top at 129.50, decisive break above will determine further direction.
The single currency remains unfazed by mixed German Factory data. Holds gains above 61.8% Fib.
The German Factory Orders for January increased more-than-expected to +1.4% on the month vs. 0.7% expected and -2.2% last, the latest data published by the Federal Statistics Office showed on Friday.
On an annualized basis, Germany’s Industrial Orders rose by 2.5% in the reported month vs. 6.1% previous and 6.4% expectations.
Major trend in the pair is bullish. However monthly cloud offers stiff resistance. Decisive break above required for upside continuation.
Next major hurdle above cloud aligns at 200-month moving average at 130.31. Break above eyes 78.6% Fib at 132.56 ahead of trendline at 133.20.