EUR/JPY chart - Trading View
EUR/JPY is extending weakness for the 4th straight week, bias bearish.
Ongoing Sino-U.S. trade conflict, uncertainty surrounding Brexit and the potential implications of the European parliamentary elections continue to weigh on the euro.
The pair trades well below daily cloud and major moving averages. Stochs and RSI are sharply lower and 5-DMA caps upside.
Major trend is bearish. 5-DMA caps upside. Immediate bear target is at 121.70 (trendline). Break below eyes 78.6% Fib at 120.68.
Strong resistance is seen at 123.13 (21-EMA). Bearish invalidation only above 200-DMA.
Support levels - 121.70 (trendline), 120.68 (78.6% Fib), 120
Resistance levels - 122.33 (5-DMA), 123.13 (21-EMA), 124
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
