FxWirePro: EUR/JPY hit fresh monthly lows, breach at 116 (major trendline support) will open downside

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.46% lower on the day at 116.34 at around 11:30 GMT.

The pair hit fresh monthly lows at 116.22 before paring some losses, bias strongly bearish.

JPY stays resilient amid risk aversion, EUR/JPY grinds lower despite some good data out of the eurozone.

Data released earlier today showed German ZEW headline Economic Sentiment Index came in at 28.2 versus -42.3 expectations and -49.5 last.

While the sub-index Current Conditions figure arrived at -91.5 in April versus -77.5 expected and -43.1 booked previously.

Meanwhile, the Eurozone ZEW economic sentiment for April stood at 25.2- vs. -49.5 last.

Technical studies are strongly bearish. RSI converges with price action. Momentum strongly bearish.

Bears push closer towards major trendline support at 116. Violation there will open downside.

Next major bear target lies at 115.26 (78.6% Fib) ahead of 114. 85 (Apr 2017 low). Bearish invalidation only above 200-DMA and daily cloud.