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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. 

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