FxWirePro: EUR/JPY trades weaker after Doji on Monday's candle, poor eurozone CPI data to add bearish pressure
FxWirePro: EUR/JPY 6-day bearish streak finds support at 55-EMA, break below eyes trendline support at 124.55
EUR/JPY chart - Trading View
EUR/JPY was trading 0.20% lower at 125.87 at around 09:25 GMT. The pair has erased some losses and has edged higher from session lows at 125.64, bias lower.
Offered tone around the single currency stays unchanged as risk remains skewed to the downside.
Dovish comments from ECB regarding the appreciation of the exchange rate in recent weeks and its impact on the inflation adds to the downside bias.
55-EMA is offering immediate support at 125.55. Technical bias is bearish and break below 55-EMA will see downside resumption.
Analysis of GMMA indicator shows major trend is bullish, while minor trend has turned bearish. Momentum is bearish and volatility is rising.
Supports below 55-EMA align at 124.80 (cloud top), 124.63 (110-EMA) and 124.55 (trendline).
While on the flipside, resistances align at 126.31 (converged 5-DMA and 21-EMA), 126.49 (20-DMA) and 126.66 (200H MA).