FxWirePro: EUR/JPY starts the week on a bearish note, more weakness on charts

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.36% lower on the day at 118.16 at around 05:40 GMT, after closing 0.17% higher in the previous session.

Fears of a coronavirus-led slowdown in the global economy were bolstered after the US Senate's failure to push forward the rescue package. 

The pair has failed to break past 21W EMA and weekly cloud and 5W SMA has turned sharply lower.

GMMA indicator shows major and minor trend on the weekly charts is strongly bearish.

Indicators on the daily charts have turned neutral, but the pair has completed a 'Death Cross' on the daily charts which could plummet prices.

Lower Bollinger band at 116.86 is immediate support ahead of major trendline support at 116. Break below eyes 78.6% Fib at 115.26.

On the flipside 21-EMA is immediate resistance at 118.84. Break above 50W SMA (120.53) could support near-term upside.

Support levels - 116.86 (Lower BB), 116 (Trendline)

Resistance levels - 118.84 (21-EMA), 120.53 (50W SMA)