tayalsmith

EUR/JPY analysis

Short
FX_IDC:EURJPY   Euro / Japanese Yen
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The secondary trend of EUR/JPY is bearish on charts and price is sustaining below trend line in its hourly chart. In hourly chart the price is sustaining below 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair.

Resistance at the level of 132.20 and support at the level of 130.65. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.

INDICATORS:-
RSI is also sustaining in its selling zone indicating the bearish trend in the pair.

STRATEGY: EUR/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions.

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