FxWirePro: EUR/JPY recovers slightly from fresh 2-month lows, bias lower, 50% Fib at 123.16 in sight

EUR/JPY chart - Trading View 

• EUR/JPY has slipped below 124 handle to hit 2-month lows at 123.81 before recovering slightly.
   
• The pair has shown a slight recovery and is currently trading at 124.03 at 0420 GMT, bias is bearish.
   
• The common currency remains under pressure after the ECB's head said that the risk remains tilted to the downside. 
   
• German bunds also slid deeper into the negative territory in a euro negative manner.
   
• Technical indicators support downside in the pair. Stochs and RSI are sharply lower.
   
• Price action finds strong support at 123.80, break below eyes 50% Fib at 123.16.

Support levels - 123.80 (trendline), 123.16 (50% Fib), 122.13 (61.8% Fib)

Resistance levels - 124.29 (5-DMA), 124.90 (Cloud top), 125.45 (23.6% Fib)

Recommendation: Stay short below 123.80, SL: 124.35, TP: 123.20/ 123/ 122.20

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.