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FxWirePro: EUR/JPY slips below 200H MA, eyes 21-EMA support at 129.12

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/JPY pared early gains and slipped lower on the day

- The pair failed to capitalize on the bullish gap open, failed to extend gains above 5-DMA

- Stochs and RSI are on verge of bearish rollover from overbought levels

- Price action has slipped below 200H MA, GMMA indicator shows bearish shift on intraday charts

- The pair seems to find stiff resistance at 200-month MA at 130.31, decisive break above required for upside continuation.

Support levels - 129.12 (21-EMA), 129.02 (5W MA), 127.86 (55-EMA)

Resistance levels - 129.86 (200H MA), 130.31 (200 month MA), 130.60 (Upper BB)

Summary: EUR/JPY capped at 200-month MA, break below 200H MA raises scope for further weakness. Market sentiment stays mixed as vaccine, unlock optimism battles reflation, geopolitical fears. The pair eyes 21-EMA support at 129.12, break below to see more weakness.
 

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