FxWirePro: EUR/JPY struggles at 55-EMA, focus on ECB for further impetus

EUR/JPY chart - Trading View 

• EUR/JPY edges higher from session lows at 124.98, trades 0.10% higher at 125.04 at 1245 GMT.
   
• Improved sentiment surrounding the riskier assets keeps downside limited.
   
• Also, EMU Sentix Index advanced to -0.3 for the current month, also helping the mood around the shared currency. 
   
• Technical studies are slightly bullish. The pair currently struggles at 55-EMA, break above to see further upside.
   
• Focus now on the European Central Bank’s (ECB) monetary policy meeting, scheduled to be held on April 10 by 11:45GMT, for further direction.
   
• The single currency is expected to remain steady around the ECB meeting. Signals of rate cuts or QE to see downside pressure.
   
• Recent disappointing readings in the region confirm slowdown in the bloc and support ‘patient-for-longer’ stance from the ECB.

Support levels - 125.17 (nearly converged 5-DMA and 21-EMA), 124.28 (38.2% Fib), 123.60 (cloud base)

Resistance levels - 125.49 (55-EMA), 126.24 (110-EMA), 126.78 (Mar 20 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.