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FxWirePro: EUR/JPY resumes weakness after 'Spinning Top' on Monday's candle, momentum strongly bearish

EUR/JPY chart - Trading View 

EUR/JPY has ignored the 'Spinning Top' formation on Monday's candle, has resumed weakness.

The pair was trading 0.34% lower on the day at 117.31 at 06:20 GMT, bias strongly bearish.

Price action is extending weakness after rejection at 21-EMA resistance, technical indicators support downside.

GMMA indicator shows both major and minor trend are strongly bearish. 5-DMA is sharply lower and volatility is rising.

Recovery attempts were capped at 200H MA, dip till 116 (major trendline support) on cards. 

Breach below 116 will open downside. Next major support lies at 78.6% Fib at 115.26. 

5-DMA is now immediate resistance at 117.92. Bearish invalidation only above 21-EMA.
 

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