EUR/JPY sees gains, Euro sticking close to the ceiling near 158.60

• The EUR/JPY pushed higher in risk-off bidding on Tuesday, climbing into 158.6.
• The pair started off with an early dump into 157.10, but markets quickly reversed direction.
• Wednesday brings EU CPI inflation, Japan Trade Balance.

The EUR/JPY started Wednesday with a dip into 157.10 before broad-market risk appetite turn higher, sending the Euro (EUR) back into near-term highs against the Japanese Yen (JPY), and the pair is heading into Wednesday's trading session near 158.50.

the EU's ZRE Economic Sentiment Survey for October came in well above expectations, printing at 2.3 versus the expected -8, reversing the previous reading of -8.9. 

Wednesday brings European Harmonized Index of Consumer Prices (CPI) inflation figures for September, with the month-on-month figure expected to hold steady at 0.3%.

Late in the day will be Japan's Trade Balance, during the early Asia Thursday market session, where Japan's Exports are expected to recover from -0.8% to 3.1% for the year into September, while Imports are expected to bounce from -17.8% to -12.9% for the same period.

EUR/JPY Technical Outlook

EUR/JPY remains well-bid on intraday candles with prices remaining buoyed above the 200-hour Simple Moving Average (SMA) currently rising into 157.60.

Tuesday's high of 158.62 represents a new five-week high for the pair, and the pair is set to resume knocking against the ceiling of long-running consolidation that has kept the EUR/JPY constrained since first climbing into the 158.00 neighborhood in June of this year.

Despite a lack of meaningful momentum, the EUR/JPY remains overall well-bid, refusing to sink too far from the 50-day SMA and prices squeezing into a consolidation tunnel between 157.00 and 15850.

EUR/JPY Daily Chart

EUR/JPY Technical Levels