FxWirePro: EUR/JPY forms bearish 'Anti Gartley', good to short rallies

• EUR/JPY slips below 5-DMA support at 123.81, intraday bias lower.
   
• Bearish 'Anti Gartley' pattern seen on daily charts, adds downside support.
   
• Technical indicators on daily charts are at overbought levels and on verge of a rollover.
   
• 50 & 200 DMAs are poised for a 'Death Cross' on the hourly charts.
   
• Confirmation on rollover of RSI and Stochs along with 'Death Cross' completion on hourlies would reinforce bearish bias.

Support levels - 123, 122.59 (May 4 low), 122.11 (78.6% Fib of 124.09 to 114.85 fall)

Resistance levels - 123.81 (5-DMA), 124, 124.54 (May 9 high)

TIME  TREND INDEX  OB/OS INDEX   

1H          Bearish               Neutral      

4H          Bearish               Neutral      

1D          Neutral               Overbought      

1W         Neutral               Neutral     

Recommendation: Good to go short on rallies around 123.70, SL: 124.50, TP: 123/ 122.60/ 122.10

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -6.31369 (Neutral), while Hourly JPY Spot Index was at 19.8812 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.