FxWirePro: EUR/JPY slips below 116 handle, more weakness on charts

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.11% lower on the day at 115.80 at around 09:00 GMT.

The pair has slipped below crucial 116 handle, scope for further weakness on charts.

The EU Summit failed to agree on a broad recovery package and Gilead's Remdesivir medicine proved inconclusive with curing coronavirus. 

Further on the data front, the German IFO Business Climate for April missed expectations, printed at 74.3 points compared to 85.9 in the previous month.

Technical analysis points to further weakness in the pair. Momentum strongly bearish and volatility is rising on the weekly charts.

Next bear target lies at 115.26 (78.6% Fib) ahead of 112.43 (88.6% Fib). Bearish invalidation only above daily cloud.