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FxWirePro: EUR/JPY slips lower from fresh four-month high, overbought conditions keep scope for pullback

EUR/JPY chart - Trading View 

Spot Analysis:

EUR/JPY was trading 0.02% higher on the day at 133.05 at around 09:10 GMT. The pair refreshed 4-month highs at 133.48 in early trade before slipping lower.  

Previous Week's High/ Low: 132.77/ 129.70

Previous Session's High/ Low: 133.19/ 132.62

Data Released:

Data released by Eurostat showed Eurozone final CPI for September printed at 3.4% on a yearly basis, in line with the flash estimate of 3.4% and 3.4% expectations. While the core figures rose by 1.9%, matching consensus.       

On a monthly basis, the bloc’s CPI figure for September arrived at 0.5% versus 0.5% expectations and 0.4% previous while the core CPI numbers came in at 0.5% versus 0.5% expected and 0.5% last.

Technical Analysis:

- EUR/JPY forms Doji at highs, on track to snap 9-day bullish streak

- MACD is showing a bullish bias, ADX is rising in support of upside

- Momentum is strongly bullish and volatility is high

- Price action has edged above 200-month MA

- GMMA indicator shows major and minor trend are bullish on the daily charts

Major Support and Resistance Levels:

Support - 132.60 (5-DMA), Resistance - 133.41 (88.6% Fib)

Summary: EUR/JPY trades with a strong bullish bias. Overbought conditions may see some pullbacks. Monthly close above 200 MA will fuel further gains. 

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