FxWirePro: EUR/JPY slips below 23.6% Fib, eyes 50-DMA at 129.17, stay short

• EUR/JPY extends weakness below 23.6% Fib, intraday bias bearish.
   
• The major is extending declines for the 5th straight session after rejection at 200-DMA in last week's trade.
   
• A 'shooting star' formation at highs adds to the bearish bias. Scope for test of 50-DMA at 129.17.
   
• Price is hovering around 130 handle and break below 100-DMA has opened up further downside.
   
• Technical indicators on intraday charts support weakness. Stochs and RSI are biased lower and we see -ve DMI crossover on +ve DMI.
   
• Next major support lies at 129.17 (38.2% Fib and 50-DMA), ahead of daily cloud at 129.05.
   
• On the flipside, retrace and close above 100-DMA will see consolidation. Breakout at 200-DMA to see further upside. 

Support levels - 129.88 (55-EMA), 129.17 (38.2% Fib and 50-DMA), 129.05 (daily cloud), 128.30 (50% Fib)

Resistance levels - 130.24 (100-DMA), 130.61 (5-DMA), 131.85 (200-DMA), 132

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-JPY-rejected-at-200-DMA-with-shooting-star-formation-break-below-100-DMA-opens-up-further-downside-1406704) is progressing well.

Recommendation: Hold for targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 23.2343 (Neutral), while Hourly JPY Spot Index was at 98.2557 (Bullish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.