FxWirePro: EUR/JPY consolidates near 2-week lows, eyes trendline support at 116

EUR/JPY chart - Trading View 

EUR/JPY was rangebound as we head into the European session today, bias remains bearish.

The pair is likely consolidating previous session's losses, has been extending downside for 6 consecutive sessions.

Technical studies support further downside in the pair. Momentum strongly bearish. Oscillators are in neutral with scope for further downside.

Major and minor trend as evidenced by GMMA are strongly bearish. Volatility is rising on the daily and weekly charts.

MACD shows bearish crossover on signal line and ADX supports downside. 

The pair has resumed downside after failure to break above 50W MA. Scope for test of trendline support at 116.

5-DMA is immediate resistance at 118.55. Bearish invalidation only on breakout above 50W MA.

Support levels - 116.47 (Lower BB), 116 (Trendline support), 115.26 (786.% Fib)

Resistance levels - 118.09 (50H MA),  118.55 (5-DMA), 119.35 (200H MA)