FxWirePro: EUR/JPY depressed below 5-DMA, ignores upbeat German GfK Consumer Confidence
EUR/JPY chart - Trading View
EUR/JPY was trading 0.24% lower on the day at 131.99 at around 11:35 GMT, bias bearish.
The pair remains depressed below 5-DMA despite upbeat German GfK Consumer Confidence data.
German GfK Consumer Confidence surprised to the upside with a reading of 0.9 for the month of November, beating forecasts at -0.5.
Import Prices rose 1.3% MoM in September and 17.7% from a year earlier. Data missed estimates at 1.5% and 18% respectively.
Technical indicators are turning bearish. MACD is on verge of bearish crossover on signal line. Chikou span is biased lower.
5-DMA caps upside in the pair and bears on track to test next major support at 21-EMA at 131.34.
Support levels - 131.34 (21-EMA), 131 (20-DMA), 130.54 (55-EMA)
Resistance levels - 132.17 (5-DMA), 132.57 (200H MA), 133
Summary: EUR/JPY trades with a bearish bias. Scope for test of 21-EMA at 131.34. Bearish invalidation only above 200H MA.