FxWirePro: EUR/JPY slips below 123 handle, next bear target at 61.8% Fib at 122.14

EUR/JPY chart - Trading View 

• EUR/JPY is extending weakness after breach at trendline support at 123.75.
   
• The pair is trading 0.14% lower on the day at 123.03 at 0400 GMT, slightly up from session lows at 122.90.
   
• Trade tensions between U.S. and China keep markets jittery and weigh on the single currency. 
   
• Price action has slipped below 123 handle, technical studies are bearish and we see scope for further weakness.
   
• Price action below cloud and major moving averages. Momentum highly bearish, MACD and DMI support weakness.  
   
• Next bear target lies at 61.8% Fib at 122.14. Breakout above cloud negates bearish bias.
   
• On the data front, trade balance from Germany on Friday will be in focus. Risk-sentiment will also impact price action.

Support levels - 122.58 (Jan 4th low), 122.14 (61.8% Fib), 122

Resistance levels - 123.61 (5-DMA), 123.75 (trendline), 124 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.