FxWirePro: EUR/JPY slips lower for the second straight session, 'Spinning Top' at 200W MA dents upside

EUR/JPY chart - Trading View 

EUR/JPY was trading 0.12% lower on the day at 124.64 at around 06:45 GMT.

The pair is slipping lower for the second straight session, after a 'Spinning Top' formation on the previous week's candle dents upside.

Price action is struggling at 200W MA on the weekly charts. Decisive break above required for upside continuation.

Some weakness evident as oscillators rollover from overbought levels. Dip till 21-EMA at 123.72 likely.

Break below 21-EMA will see downside continuation. Major trend is bullish with little scope for major correction.

Resumption of upside and breakout at 200W MA will propel the pair higher. Next bull target lies at 61.8% Fib at 128.67. Bullish invalidation only below 200-DMA.

Support levels - 123.72 (21-EMA), 122.20 (50-DMA)

Resistance levels - 124.87 (200W MA), 125.95 (50% Fib)