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FxWirePro: EUR/JPY capped below 124 handle, surging Covid-19 cases across Europe dent investor confidence
EUR/JPY chart - Trading View
EUR/JPY was trading 0.12% lower on the day at 123.62 at around 10:45 GMT, after closing 0.29% lower in the previous session.
Surge in Covid-19 cases across Europe, which has increased fears of a "double-dip" scenario weighs on investor confidence.
Technical bias is neutral to slightly bearish. Recovery is capped below 124 handle. Stochs and RSI are biased lower.
Price action has slipped below cloud and eyes next major support at 110-EMA at 123.14. Break below 110-EMA will see test of 38.2% Fib at 122.23.
On the flipside, 20-DMA is strong resistance at 124.02. Break above cloud will negate bearish bias.