FxWirePro: EUR/JPY struggles at 21-EMA, break above to see further gains

Chart - Courtesy Trading View 

Spot Analysis:

EUR/JPY was trading 0.82% higher on the day at 128.64 at around 12:50 GMT

Previous Week's High/ Low: 130.13/ 125.07

Previous Session's High/ Low: 128.87/ 127.41

Fundamental Overview:

The European Central Bank (ECB) policy members stress that any policy change to be gradual.

ECB policymaker Villeroy said the central bank will take as much time as necessary to examine any rate hike decision.

On the data front, Germany final inflation figures showed the CPI rose 0.9% MoM and 5.1% YoY in February.

Technical Analysis:

- Price action remains below 200-DMA and daily cloud

- GMMA indicator shows major trend is bearish while minor trend is turning slightly bullish

- 5-DMA has turned, MACD is on verge of bullish crossover on signal line

- Price action has re-entered into the weekly cloud

Major Support and Resistance Levels:

Support - 127.07 (5-DMA), Resistance - 128.50 (21-EMA)

Summary: EUR/JPY intraday bias has turned bullish. Watch out for decisive break above 21-EMA for further upside.