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FxWirePro: EUR/JPY refreshes weekly low below 129 handle, outlook bearish

EUR/JPY chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/JPY was trading 0.58% lower on the day at 128.51 at around 14:00 GMT

- Price action was rejected at 21-EMA, slips below daily cloud

- Momentum indicators are biased lower, RSI is well below 50 mark

- MACD is below zero mark, supports downside, GMMA indicator shows major bias is bearish

- Recovery attempts were rejected at 200H MA, any upside only on decisive break above

Support levels - 127.95 (Converged Trendline & Lower BB), 127, 126.39 (61.8% Fib)

Resistance levels - 128.80 (5-DMA), 129.21 (21-EMA), 129.34 (38.2% Fib)

Summary: EUR/JPY trades with a bearish bias. The pair is on track to test major support at 128 levels. Breach below will plummet prices. On the flipside, bearish invalidation only above daily cloud.
 

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