FxWirePro: EUR/JPY hovers around 21-EMA amid pre-ECB trading lull

EUR/JPY chart - Trading View 

EUR/JPY trades weaker, down 0.10% at 129.90 at around 07:30 GMT, outlook bearish.

The single currency under pressure as markets await the European Central Bank's (ECB's) critical rate decision.

The ECB is widely expected to leave its policy unchanged and take stock of the improving economic environment amid hopes for a significant rebound. 

A hawkish tilt from the ECB could boost the euro and support the pair higher as Europe stays on the right path to recovery amid quicker immunization effort.

EUR/JPY trades below 200H MA. Major trend is bullish. The pair has slipped below 20-DMA and is currently holding support at 21-EMA.

Decisive break below 21-EMA will drag the pair lower. Dip till 55-EMA or daily cloud support likely.

A hawkish ECB outcome will buoy the common currency. Bounce off 21-EMA support will negate any bearish bias.