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FxWirePro: EUR/JPY extends weakness for the 3rd straight session, outlook bearish
EUR/JPY chart - Trading View
EUR/JPY is extending weakness for the 3rd straight session, near-term outlook is bearish.
The pair was trading 0.33% lower on the day at 123.48 at around 06:15 GMT, after closing 0.10% lower in the previous session.
Recovery capped below 124 mark, price action contained within daily cloud, scope for downside resumption.
The pair has slipped below 23.6% Fib retracement. 110-EMA is strong support at 123.11. Break below will see downside resumption.
Next bear target below 110-EMA lies at 38.2% Fib at 122.23. 124 is stiff resistance. Bearish invalidation only above daily cloud.