FxWirePro: EUR/JPY slumps over 1%, downbeat German Retails Sales drag

Chart - Courtesy Trading View 

EUR/JPY was trading 1.07% lower on the day at 142.19 at around 11:00 GMT, bias bearish.

The pair has plunged further into daily cloud, hovers around 110-EMA and cloud base support.

Technical indicators are biased lower, recovery attempts have been rejected at 200H MA.

Data released by Destatis showed earlier on Thursday, Germany's Retail Sales plunged by 2.8% MoM in October versus -0.6% expected and 0.9% prior.

On an annualized basis, Retail Sales fell -5.0% in October versus the -2.8% expected and a 0.9% drop recorded in September.

Downbeat German data weighs on the pair. Further, a modest dovish repricing of ECB rate expectations is adding pressure on the pair.

Support levels - 141.67 (Cloud base), 139.23 (38.2% Fib), 139.02 (200-DMA)

Resistance levels - 142.73 (23.6% Fib), 143.44 (5-DMA), 144.42 (21-EMA)

Summary: Technical indicators support weakness in the pair. Watch out for break below cloud and 110-EMA for further weakness. Next major support lies at 139.23 (38.2% Fib) ahead of 139.02 (200-DMA).