EUR/JPY forms bearish 'Anti Gartley' on daily charts.
The pair is capped below 5-DMA at 123.81, intraday bias lower.
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)
Good to go short on rallies around 123.55/60, SL: 124.50, TP: 123/ 122.60/ 122.10
The pair is capped below 5-DMA at 123.81, intraday bias lower.
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)
Good to go short on rallies around 123.55/60, SL: 124.50, TP: 123/ 122.60/ 122.10