FxWirePro: EUR/JPY rejected at 200W MA, 'Shooting Star' to plummet prices further

EUR/JPY chart - Trading View 

EUR/JPY is extending previous session's slump, trades 0.36% lower at 122.00 at around 04:00 GMT.

Upside in the pair has been rejected at 200W SMA and the pair has paused 4-week winning streak.

'Shooting Star' pattern on the daily charts is likely to plummet prices further. Oscillators look overstretched and are on verge on rollback into neutral.

Major and minor trend on the hourly charts have turned bearish as evidenced by the GMMA indicator.

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

Price action has slipped below 5-DMA and drag till 200-DMA at 119.42 likely. Violation at 200-DMA opens downside.

Support levels - 121.45 (Tenkan Sen), 121.29 (200H MA), 120.60 (38.2% Fib)

Resistance levels - 122.82 (5-DMA), 123, 124.51 (200W MA)