FxWirePro: EUR/JPY extends Monday’s losses below 116 handle, further weakness on charts

EUR/JPY chart - Trading View 

EUR/JPY is extending previous session slump, bias strongly bearish.

The pair was trading 0.47% lower on the day at 115.81 at around 10:35 GMT, extending previous session's 0.86% fall.

The euro remains on the defensive after Eurozone Producer Price Index came in worse than expected. 

Euro zone March producer prices suffered their steepest fall since the 2008 financial crisis as an effect of the COVID-19 pandemic.

Data released by the Eurostat showed on Tuesday that eurozone producer prices fell by 1.5% m/m and 2.8% y/y, missing forecasts of 1.3% m/m and 2.6% y/y drop respectively.

Earlier, the Unemployment Change in Spain rose by 282.9K, adding to the previous 302.3K build.

Technical studies remain strongly bearish. The pair is on verge of breaking below 'Symmetric Triangle' pattern. 

Scope for test of 88.6% Fib at 112.43. Bearish invalidation only above 200-DMA.