FxWirePro: EUR/JPY rejected at 200-DMA with 'shooting star' formation, break below 100-DMA opens up further downside

• EUR/JPY rejected at 200-DMA with 'shooting star' formation, bias bearish.
   
• Price has dipped below 100-DMA at 130.25 to hit session lows at 130.08 levels.
   
• The pair is now trading below hourly cloud and 200-SMA, scope for further weakness.
   
• Technical indicators on intraday charts support weakness. Break below 100-DMA opens up further downside.
   
• Stochs and RSI are biased lower and we see -ve DMI crossover on +ve DMI.
   
• Next major support lies at 129.18 (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 - 129.92 (20-DMA), 129.18 (38.2% Fib and 50-DMA), 129.05 (daily cloud)

Resistance levels - 130.25 (100-DMA), 130.93 (5-DMA), 131.86 (200-DMA), 132

Recommendation: Stay short on close below 100-DMA, target 129.20

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 7.99368 (Neutral), while Hourly JPY Spot Index was at 90.6206 (Bullish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.