EUR/JPY Technical Analysis: Weakens further below an ascending trend-line

   •  Once again fails to clear an important resistance marked by an upward sloping line, extending from highs touched on June 7/14. 

   •  Weaker than expected German ZEW economic survey exerts some additional downward pressure and adds credence to the bearish break below a short-term ascending trend-line support on the 1-hourly chart.

   •  With short-term technical indicators gradually losing positive momentum, follow-through weakness below 50-hour SMA support will reinforce the bearish breakdown and pave the way for an additional near-term downfall.

EUR/JPY 1-hourly chart

Spot Rate: 130.28
Daily High: 130.60
Daily Low: 130.19
Trend: Bearish

Resistance
R1: 130.60 (current day swing high)
R2: 131.00 (round figure mark)
R3: 131.17 (R3 daily pivot-point)

Support
S1: 130.00 (100-period SMA H1)
S2: 129.81 (S1 daily pivot-point)
S3: 129.10 (200-period SMA H1)