EUR/JPY chart - Trading View
EUR/JPY erases gains, slips lower from session highs at 123.357 to trade at 122.886 at 11:35 GMT.
The single currency remains depressed, fails to benefit from drop in Eurozone unemployment rate.
Data released earlier today showed Eurozone unemployment rate drops to the lowest since July 2008.
Unemployment rate ticked lower to 7.5% in May, bettering forecasts at 7.6% and compared to 7.6% last.
While technical indicators still support upside, dovish stance from the ECB to keep upside limited.
Stochs and RSI show bullish momentum, but upside struggling at 50-DMA, finds stiff resistance at daily cloud.
Further, 'Doji' formation at highs raises scope for weakness. Failure to break above 50-DMA and retrace below 5-DMA support to see weakness.
Support levels - 122.48 (5-DMA), 122.20 (23.6% Fib), 122
Resistance levels - 124.06 (110-EMA), 124.28 (38.2% Fib), 125
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
