EUR/JPY slips from fresh 5-month tops at 124.46 as the Japanese currency gains momentum.
The major has now retreated to the 123 region and broken support by 5-DMA at 123.15.
Momentum indicators on the daily charts are at highly overbought zone and have shown a turn lower.
The pair has broken below major trendline support at 123.35 on the daily charts. We see weakness upto 122.25 (1H 200-SMA).
We see bearish RSI divergence on 4H charts and RSI and Stochs are biased lower.
Support levels - 122.58 (May 4 low), 122.26 (1H 200-SMA), 122
Resistance levels - 123.13 (5-DMA), 124, 124.45 (session high)
Good to go short on rallies around 123.10/20, SL: 124, TP: 122.60/ 122.25/ 122
The major has now retreated to the 123 region and broken support by 5-DMA at 123.15.
Momentum indicators on the daily charts are at highly overbought zone and have shown a turn lower.
The pair has broken below major trendline support at 123.35 on the daily charts. We see weakness upto 122.25 (1H 200-SMA).
We see bearish RSI divergence on 4H charts and RSI and Stochs are biased lower.
Support levels - 122.58 (May 4 low), 122.26 (1H 200-SMA), 122
Resistance levels - 123.13 (5-DMA), 124, 124.45 (session high)
Good to go short on rallies around 123.10/20, SL: 124, TP: 122.60/ 122.25/ 122