FxWirePro: EUR/JPY ignores 'Gravestone Doji' formation, grinds higher along 5-DMA support

• EUR/JPY trades 0.19% higher on the day, hovers around 129.91 levels at the time of writing.
   
• The major has retraced dip below 21-EMA, extends upside along 5-DMA support.
   
• Euro bulls have largely ignored a 'Gravestone Doji' formation on the daily candle on Tuesday.
   
• Downside has taken support at 5-DMA at 129.49, we see weakness only on decisive break below 21-EMA. 
   
• Upside remains capped at 130. The pair has failed to close above on multiple occasions. 
   
• Rising expectations that the ECB could lay out a path to end its massive quantitative-easing program at their forthcoming meeting next week likely to limit any downside.
   
• On the weekly charts, the pair has bounced off 100W SMA with a hammer formation.
   
• Decisive break above 38.2% Fib at 129.54 has raised scope for test of resistance 131 (major trendline).
   
• On the flipside, close below 21-EMA at 129.17 could see some weakness till 23.6% Fib at 127.66

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