FxWirePro: EUR/JPY extends weakness after poor German Gfk consumer confidence, technical bias bearish

EUR/JPY chart - Trading View 

EUR/JPY is extending range trade for the 3rd consecutive session, bias bearish.

The pair trades well below daily cloud and major moving averages. Stochs and RSI are sharply lower and 5-DMA caps upside.

Lingering US-China trade tensions and poor Gfk German Consumer Confidence index keeping lid on the euro. 

GfK's Consumer Confidence index for June fell to 10.1, missing forecasts for an unchanged reading at 10.4. 

Focus now on Eurozone money supply figures and the Eurozone’s consumer, economic and industrial confidence indices. 

Major trend is bearish. Immediate bear target is at 121.75 (trendline). Break below eyes 78.6% Fib at 120.68.

Strong resistance is seen at 123.27 (21-EMA). Bearish invalidation only above 200-DMA.

Support levels - 122.13 (61.8% Fib), 121.75 (trendline), 120.68 (78.6% Fib)

Resistance levels - 123, 123.27 (21-EMA), 124

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