FxWirePro: EUR/JPY pivotal at 200-DMA support, further weakness only on break below

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.38% higher at 119.89 at around 09:40 GMT.

The pair has retraced brief dip below 200-DMA which is major support at 119.54.

Price action has     tested 50% Fib retracement and any further weakness only below 200-DMA.

Focus on European Commission preliminary gauge of the Consumer Confidence in the euro area for the current month ahead of the speech by ECB’s VP Luis De Guindos.

MACD shows bearish bias, but ADX does not support the current downtrend. Retrace above 21-EMA will see upside resumption.

Decisive break below 200-DMA will confirm further weakness. Scope then for dip till 61.8% Fib at 118.23.

Major Support - 119.54 (200-DMA)

Major Resistance - 120.19 (21-EMA)