FxWirePro: EUR/JPY rangebound below 55-EMA, focus on ECB minutes for further impetus

EUR/JPY chart - Trading View 

• EUR/JPY trades in tight range as markets await ECB March meeting minutes for further impetus.
   
• ECB minutes may indicate whether Governing Council members were swaying towards taking further policy steps to counter the slowdown. 
   
• Dovish minutes would likely weigh on the euro. On the other side, policymakers' confidence in the resilience of domestic demand would put a modest bid under the euro.
   
• EUR/JPY has holding above 125 handle and is trading at 125.18 at 0640 GMT largely nuted on the day.
   
• Technical studies on intraday charts are bullish. RSI and Stochs are biased higher.
   
• The pair is holding support at daily cloud and is testing 55-EMA resistance at 125.50. Break above targets 110-EMA at 126.27.
   
• Immediate support lies at 21-EMA at 125.15. Break below 5-DMA at 124.86 to see further downside.

Recommendation: Stay long above 55-EMA at 125.52, SL: 124.65, TP: 126.30/ 127/ 127.50 

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