FxWirePro: EUR/JPY rejected at 50-DMA, break below 21-EMA to see further downside

EUR/JPY chart - Trading View 

EUR/JPY extends previous session's losses, hovers around 21-EMA at 122.22.

German retail sales declined by 0.6% on the month in May, the Federal Statistics Office reported earlier today.

Retail sales climbed 4.0 percent year-on-year in May, after a 4.6 percent increase in April.

Selling intensified in the the single currency across the board. Major trend in the pair is bearish. 

Upside seems to have run out of steam. Stochastics RSI has approached overbought levels.

Upside in the pair was rejected at 50-DMA and the pair also finds stiff resistance at daily cloud.

Price action hovers around 21-EMA support, break below will see further weakness.

Breach at 21-EMA will likely see dip till lower Bollinger band at 121.15 ahead of trendline at 120.20.

Support levels -122.20 (23.6% Fib), 122, 121.15 (Lower BB)

Resistance levels - 122.49 (5-DMA), 122.75 (50-DMA), 123.49 (cloud base)

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