FxWirePro: EUR/JPY fails to hold above 120 handle, retraces blow 200-DMA

EUR/JPY chart - Trading View 

EUR/JPY slumps on the day, trades 0.88% lower at 119.80 at around 09:50 GMT

The pair has retraced below 200-DMA and has failed to hold break above daily cloud.

The Japanese yen benefited from reviving safe-haven demand amid the prevailing caution across markets. 

Mounting fears over an imminent global recession likely to keep downside pressure in the pair.

Technical studies for the pair are neutral. Close below 200-DMA will reinforce further downside in the pair. 

Upside finds stiff resistance at 50W MA at 120.56. 21-EMA is immediate support at 119.40 ahead of 200H MA at 119.15. 

Support levels - 119.40 (21-EMA), 119.15 (200H MA)

Resistance levels - 120.17 (5-DMA), 120.66 (Cloud top)