FxWirePro: EUR/JPY breaks below 200-DMA, further downside on cards
EUR/JPY chart - Trading View
EUR/JPY was trading 0.14% lower on the day at 129.26 at around 10:50 GMT.
The pair has slipped below 200-DMA support raising scope for further downside.
Recovery from multi-month lows has been rejected at daily cloud. Bias has turned bearish.
Momentum indicators are supporting further downside in the pair. Stochs and RSI are sharply lower and RSI has slipped below 50.
The pair is on track to close in the red for the 2nd straight week. GMMA indicator shows minor and major trend are bearish.
EUR/JPY is on track to test next major support at 50% Fib retracement at 127.87. Failure to close below 200-DMA negates bearishness.