FxWirePro: EUR/JPY sinks lower, breaks below 118 handle, upbeat German Retail Sales fails to impress Euro bulls

EUR/JPY chart - Trading View 

EUR/JPY slumps lower to break below the 118 mark, upbeat German Retail Sales fails to impress Euro bulls.

The pair was trading 0.69% lower on the day at 117.80 at around 08:30 GMT.

According to data released by Destatis Germany’s Retail Sales arrived at +1.2% MoM in February versus 0.0% expected and +0.9% last.

On an annualized basis, the German Retail Sales jumped 6.4% in February versus +1.8% seen in January and +1.5% expected.

The shared currency fails to take advantage of the upbeat German Retail Sales data. Worsening coronavirus situation keeps pressure. 

Also, the ECB Governing Council member Ignazio Visco said on Tuesday that it is ready to consider all options available within its mandate to support the economy in the current coronavirus crisis.

Price has retraced below 200-DMA. GMMA indicator shows major and minor trend in the pair are bearish.

RSI has slipped below 50 and is biased lower and Stochs show rollover from overbought levels.

The pair has broken support at 21-EMA, dip till trendline support at 116 likely. Bearish invalidation only on decisive breakout above 200-DMA.

Support levels - 117.072 (Oct 2019 low), 116 (Trendline)

Resistance levels - 119.19 (21-EMA), 119.97 (200-DMA)