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EUR/JPY – Possible bearish price-RSI divergence on hourly

FX:EURJPY   Euro Fx/Japanese Yen
Support – 123.50, 123.28, 123.07

Resistance – 124.05, 124.44, 124.75

  • Pair’s failure to take out 124.05 (38.2% of 128.22-121.48) if followed by a red hourly candle would confirm bearish price-RSI divergence and open doors for a drop to 123.28-123.07 levels.
  • However, bears need to observe caution even if bearish divergence is confirmed, since a double bottom breakout was achieved yesterday and a rebound from the neckline of 123.50 could yield 124.44 levels.
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