FxWirePro: EUR/JPY rangebound at 55-EMA ahead of ECB interest rate decision

EUR/JPY chart - Trading View 

• EUR/JPY is trading in an extremely narrow range ahead of the ECB monetary policy meeting.
   
• The pair has made a session high of 125.61 and a low of 125.30 and was trading at 125.43 at 1015 GMT.
   
• Brewing U.S.- EU trade tensions as the U.S. looks to impose tariffs on EU products (US proposes tariffs on $11bn of EU products over Airbus subsidies) keeps pressure on.
   
• 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.

Support levels - 125.35 (5-DMA), 124.28 (38.2% Fib), 123.65 (Mar 28 low)

Resistance levels - 125.49 (55-EMA), 125.97 (50% Fib), 126.22 (110-EMA)

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