EUR/JPY chart - Trading View
- EUR/JPY has slipped below 124 handle to hit 2-month lows at 123.81 before recovering slightly.
- The pair has shown a slight recovery and is currently trading at 124.03 at 0420 GMT, bias is bearish.
- The common currency remains under pressure after the ECB's head said that the risk remains tilted to the downside.
- German bunds also slid deeper into the negative territory in a euro negative manner.
- Technical indicators support downside in the pair. Stochs and RSI are sharply lower.
- Price action finds strong support at 123.80, break below eyes 50% Fib at 123.16.
Support levels - 123.80 (trendline), 123.16 (50% Fib), 122.13 (61.8% Fib)
Resistance levels - 124.29 (5-DMA), 124.90 (Cloud top), 125.45 (23.6% Fib)
Recommendation: Stay short below 123.80, SL: 124.35, TP: 123.20/ 123/ 122.20
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
