FxWirePro: EUR/JPY consolidates previous session's gains, ECB meeting looms

Chart - Courtesy Trading View 

Spot Analysis:

EUR/JPY was trading largely unchanged at 141.28 at around 05:30 GMT

Previous Week's High/ Low: 139.88/ 137.01

Previous Session's High/ Low: 141.44/ 139.69

Fundamental Overview:

The single currency remains on front foot as ECB meeting looms

Euro is extending its overnight bounce on relief Europe might avoid the worst fears concerning energy shortages.

Expectation that the European Central Bank may deliver a more aggressive rate hike is also keeping the price buoyed.

Eurozone Consumer Confidence is scheduled later in the NA session, which will be keenly watch ahead of Thursday’s ECB event. 

Technical Analysis:

- EUR/JPY slips lower from session highs at 141.75, bias remains bullish

- The pair is consolidating previous session gains, muted trade seen ahead of ECB meeting

- MACD confirms bullish crossover on signal line, Chikou span is biased higher

- Momentum is bullish, Stochs and RSI are biased higher

Major Support and Resistance Levels:

Support - 141.31 (5-DMA), Resistance - 144.17 (Upper BB)

Summary: EUR/JPY was trading with a bullish bias. Traders remains cautious ahead of ECB policy meet. Retrace below daily cloud will negate any further bullishness.