FxWirePro: EUR/JPY fails to hold break above 21-EMA, bears target 78.6% Fib at 120.68

EUR/JPY chart - Trading View 

EUR/JPY trades rangebound, bias bearish, on track for further downside.

The pair slips below 20-DMA which is now capping upside at 122.28.

RSI has slipped below 50 mark and Stochs are on verge of rollover from near overbought.

GMMA indicator shows a shift in trend as longer-term moving averages have turned south.

Recovery in the pair losses steam below 55-EMA and price action is set to resume downside.

Next bear target lies at 78.6% Fib at 120.68. Break above 21-EMA will likely see gains upto 55-EMA.  

Support levels - 121.17 (Lower BB), 120.68 (78.6% Fib), 120

Resistance levels - 122.28 (20-DMA), 122.46 (5-DMA), 123.17 (June 11 high)

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