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FxWirePro: EUR/JPY pauses upside at 21-EMA resistance, single currency on the defensive
EUR/JPY chart - Trading View
EUR/JPY has halted 3 straight session's of gains and was trading 0.10% lower at 118.28 at around 09:45 GMT.
The single currency under pressure after Eurogroup fails to agree on a common text over the coronavirus response.
The European officials are now expected to meet again on Thursday. Headlines from the upcoming meeting will define the mood around the euro.
Technical analysis suggests near-term upside for the pair. Major trend however remains strongly bearish.
5-DMA has turned, Stochs have rolled over from oversold levels and MACD is on verge of bullish crossover on signal line.
Price action has paused at 21-EMA at 118.65, break above eyes 50-DMA at 119.31. Failure at 21-EMA and retrace below 5-DMA to negate any bullish bias