FxWirePro: EUR/JPY slips below daily cloud, better-than-expected EU Consumer Confidence indicator fails to impress

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.15% lower on the day at 122.98 at around 15:30 GMT, further weakness on charts.

The pair has been on a downward spiral since beginning of September and price action has slipped below the daily cloud indicating further downside.

On the data front, consumer confidence in the euro area rose modestly in September, but failed to impress euro bulls.

EU Consumer Confidence indicator improved slightly to -13.9 in September bettering expectations for a -14.6 print.

This data had little impact on the shared currency's performance across the board. EUR/USD also continues to trade in the red.

Technical studies for EUR/JPY support further downside for the pair. Dip till 200-DMA at 120.86 likely.

Breach below 200-DMA support could drag the pair to test 61.8% Fib retracement at 119.24.

Support levels - 122.23 (38.2% Fib), 120.86 (200-DMA), 119.24 (61.8% Fib)

Resistance levels - 123.58 (5-DMA), 124.08 (23.6% Fib), 124.72 (50-DMA)