EUR/JPY Technical Analysis: Fails at key resistance, points to more weakness

• The euro rose earlier today to the highest level in five days, but failed to break 128.50 and lost strength. The slide extended below the 20-hour moving average and it is testing 128.00. 
• Technical indicators in the short-term point to more losses ahead of the Asian session with the next relevant intraday support seen at 127.70 (Oct 30 low). 
• A recovery back above 128.15 would remove the negative momentum while a consolidation on top of 128.50, more gains are likely. 

EUR/JPY 15-minute hour chart

Spot rate:                   128.00
High:                         128.43
Low:                          127.72

Resistance 1:            128.15
Resistance 2:            128.50
Resistance 3:            128.70

Support 1:                127.95
Support 2:                127.70
Support 3:                127.40