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EUR/JPY - Falling tops on price, Rising bottoms on RSI

FX:EURJPY   Euro Fx/Japanese Yen
Resistance - 123.36, 124.40, 125.00

Support - 121.60-121.50, 120.00, 119.11

  • Price chart shows falling top formation remains in place, still, despite sharp BOJ-led sell-off in the cross, the rising bottom formation on the daily RSI is intact.
  • Hence, odds of a recovery to 123.36 are high next week, unless the cross sees a daily close below 121.60-121.50 on the daily chart . which will mark a failure of bullish price-RSI divergence.
  • In such a case, the sell-off may gather pace , courtesy of which support at 120.00-119.11 could be put to test
Mizuki32
8 months ago
Totally agree. Lowest trendline is still valid and RSI divergence occurs.
As long as the price is above the line, shorting EURJPY is too dangerous.
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