FxWirePro: EUR/JPY extends range trade along 5-DMA, bias bearish

EUR/JPY chart - Trading View 

EUR/JPY extends sideways grind, major trend remains bearish.

The pair is trading in a narrow range, focus on eurozone consumer confidence index.

Momentum studies are bearish. Price action is below cloud and major moving averages.

The pair has bounced off strong trendline support, break below will see further weakness.

Recovery capped below 123 handle. Break above will see upside till 123.70 (20-DMA).

110-EMA is major resistance at 125.40. Bearish invalidation only above 200-DMA.

Major trend is bearish. Break below trendline support eyes 78.6% Fib at 120.68.

Support levels - 122.80 (5-DMA), 121.85 (trendline), 120.68 (78.6% Fib)

Resistance levels - 123, 123.70 (20-DMA), 124

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