FxWirePro: EUR/JPY tests 110-EMA resistance, euro unfazed on downbeat German Q2 growth numbers
EUR/JPY chart - Trading View
EUR/JPY was trading 0.23% higher on the day at 130.42 at around 11:00 GMT.
The pair is testing 110-EMA resistance, decisive break above to fuel further gains.
Preliminary report published by Destatis showed on Friday showed German economy grew 1.5% q/q in Q2 of 2021 when compared to the expectations of 2.0% and -1.8% in Q1.
Meanwhile, the annualized GDP rate rebounded by 9.2% in Q2, missing expectations at 9.6% and compared to the previous reading of -3.4% and missed market expectations of 9.6% expansion.
Separately, the Italian economy expanded by 2.7% QoQ in Q2 but bettered estimates of 1.3% and 0.1% previous.
The single currency remains unfazed on downbeat German growth numbers, as the sentiment remains tepid, supporting the safe haven yen.
Technical bias remains bullish. Stochs and RSI are biased higher. The pair is testing 110-EMA resistance. Break above will see upside resumption.