FxWirePro: EUR/JPY Holds Upside ahead of Crucial German ZEW Data, Bias Higher

FxWirePro: EUR/JPY Holds Upside ahead of Crucial German ZEW Data, Bias Higher

• EUR/JPY bounced off from fresh 3-year lows at 121.71 on Monday and is holding gains above the 123 handle. 
• Markets await the crucial Germany ZEW Economic Sentiment data due ahead in the European session. 
• The indicator improved to 4.3 points in March, however fell short of expectations at 6.3 points. 
• For April, the markets are expecting a strong improvement in the report, with a forecast of 8.2 points. 
• Any disappointment could drag the pair to 122 levels, while upbeat data could see test of 124.20 (38.2% Fib retrace of 128.22 to 121.71 fall).  
• Technicals are not conclusive for any direction, but short-term bias remains higher. 
• Support on the downside aligns at 123.37 (10-DMA), 123.14 (5-DMA) and then at 123 (session lows). 
• Resistances are located at 123.56 (Apr 15th highs and day's high till now), 123.73 (Apr 11th high) and 124. 
  

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