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FxWirePro: EUR/JPY extends declines below 200-DMA, Eurozone Prelim CPI misses estimates
EUR/JPY chart - Trading View
EUR/JPY is extending declines below 200-DMA, bias is strongly bearish. The single currency under pressure after Eurozone Preliminary CPI misses estimates.
According to data released by Eurostat, Eurozone annual CPI reading came in at +0.7% in March, below expectations at +0.8% and +1.2% previous.
Meanwhile, the core figures arrived at +1.0% in March missing expectations at +1.2% and +1.2% previous.
Also, German Prelim CPI data released on Monday showed that the German CPI rose 1.3% YoY in March, moving further away from the ECB rate target of just under 2 percent for the Eurozone as a whole.
Price has retraced below 200-DMA. Short-term moving averages in the GMMA indicator are biased lower, suggesting weakness in the near-term.
RSI has slipped below 50 and is biased lower and Stochs are on verge of rollover from overbought levels.
The pair has broken support at 21-EMA, dip till trendline support at 116 likely. Bearish invalidation only on decisive breakout above 200-DMA
Support levels - 117.072 (Oct 2019 low), 116 (Trendline)
Resistance levels - 119.36 (21-EMA), 120 (200-DMA)