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FxWirePro: EUR/JPY snaps three-day bearish streak, focus on ECB policy meet for impetus

EUR/JPY chart - Trading View 

Spot Analysis:

EUR/JPY was trading 0.28% higher on the way at 132.36 at around 09:10 GMT.

Previous Week's High/ Low: 133.48/ 131.91

Previous Session's High/ Low: 132.60/ 131.86

Fundamental Overview:

Improving risk-appetite weighs on the yen, pushing the pair higher.

Focus now on key data events for the week ahead, including the European Central Bank meeting this Thursday.

Upcoming data for the week:

– German GfK Consumer Confidence (Wednesday) 

– German labour market report, EMU final Consumer Confidence, ECB meeting, German flash CPI (Thursday) 

– Advanced German Q3 GDP, flash EMU CPI (Friday)

Technical Analysis:

- EUR/JPY has paused three straight sessions of downside 

- Price action has edged above 5-DMA and is hovering around 200H MA

- Major and minor trend are bullish as evidenced by GMMA indicator

- Momentum is bullish and volatility is high 

Major Support and Resistance Levels:

Support - 130.13 (200-month MA), Resistance - 132.66 (76.4% Fib) 

Summary: EUR/JPY is attempting retrace above 200H MA. Major trend on the daily charts is bullish. Decisive break above 200H MA to see further gains.

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