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FxWirePro: EUR/JPY breaks below 110-EMA, eyes minor support at 38.2% Fib at 122.23
EUR/JPY chart - Trading View
EUR/JPY was trading 0.39% lower on the day at 122.66 at around 09:00 GMT, extending previous session's losses.
The pair is spiraling lower for a 3rd straight session, technical indicators support further weakness.
Market mood remains damp as Germany, France, and possibly the UK are mulling new lockdowns as coronavirus cases spiral.
EUR/JPY is on track to test immediate support at 38.0=2% Fib retracement at 122.23. Break below will see further weakness.
On the flipside, retrace above retrace above 110-EMA will pause downside in the pair. Retrace above cloud will negate any bearish bias.
Support levels - 122.23 (38.2% Fib), 122.08 (55W EMA)
Resistance levels - 123.13 (110-EMA), 123.95 (20-DMA)