FxWirePro: EUR/JPY extends weakness for the 5th straight session, eyes 38.2% Fib at 120.60

EUR/JPY chart - Trading View 

EUR/JPY was has pared some losses, has edged higher from session lows and was trading 0.15% lower at 121.62 at around 09:30 GMT.

The pair has been rejected at 200W SMA which is major resistance at 124.51, pausing 4-week winning streak.

'Shooting Star' pattern on the daily charts early this week has dragged prices lower. The pair has slipped below 23.6% Fib and is on track to test next support at 38.2% Fib.

Major and minor trend on the hourly charts have turned bearish as evidenced by the GMMA indicator. The pair now trades below 200H MA.

Analysis of the Ichimoku cloud shows the Chikou Span has turned sharply south. Break below Tenkan Sen supports further weakness.

200-DMA is major support at 119.47. Violation at 200-DMA opens downside. 

Support levels - 120.60 (38.2% Fib), 120.10 (200 2H MA), 119.47 (200-DMA)

Resistance levels - 122.03 (200H MA), 122.37 (5-DMA), 124.51 (200W MA)