EUR/JPY chart - Trading View
EUR/JPY was trading largely unchanged on the day at 123.47 at around 07:00 GMT.
The pair has erased early gains to slip lower from session highs at 123.87 as investor remain cautious ahead of the key German IFO survey data.
The recently clinched deal on the European Recovery Fund was seen lending wings to the momentum around the euro.
Upside in the pair has stalled shy of 200W SMA at 124.76, 'Shooting Star' at highs dents upside.
Overbought oscillators add to downside pressure in the pair. Price action has slipped below 5-DMA.
On the data front, focus shall be on the key German IFO survey due later today ahead of ECB’s M3 Money Supply and Private Sector Loans.
Major trend in the pair is bullish. Weakness is likely to remain shallow. Scope for test of 200W MA at 124.76 on upside resumption.
110W EMA at 122.33 is major support. Break below invalidates any upside bias. Dip till 200-DMA at 119.93 then likely.
