FxWirePro: EUR/JPY finds stiff resistance at 120.80, intraday bias bearish, good to stay short

• EUR/JPY is grinding along major trendline support currently at 119.65.
   
• Upside finds stiff resistance at 120.80 (converged 100-DMA, 50-DMA and cloud base).
   
• We would any signs of reversal only on close above.
   
• Technical studies remain highly bearish, we see scope for further downside.
   
• The Article 50 trigger is expected to drive the sentiment in the day ahead, which will have a significant impact on the yen markets.
   
• Treasury yields edge higher, UST 10yr yields moved higher and rallied off 2.36% to 2.42%.
   
• Break below trendline support at 119.65 will see resumption of downside.
   
• Support levels - 119.65 (trendline), 119, 118.70 (Dec 5, 2016 low)
   
• Resistance levels - 120.01 (5-DMA), 120.58 (23.6% Fib retrace of 109.20 to 124.09 rally), 120.87 (cloud base)
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Recommendation: Watchout for a break below trendline support at 119.65 to go short, target 119/ 118.40/ 118