- 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.
