EURJPY (1H) - short term bearish bias
Exactly as we predicted yesterday, the euro was living its last hours of glory under the major resistance level of 121.00. Following the bearish RSI divergence - a forward warning of decelerating upward momentum, the price failed to make a new high. Today's engulfing red candle broke simultaneously below the averages and the trend line, and we would expect a bearish MA cross in a few hours as a final confirmation that the sell-off may carry on.
Key support: 120.00
Key resistance: 121.00
Exactly as we predicted yesterday, the euro was living its last hours of glory under the major resistance level of 121.00. Following the bearish RSI divergence - a forward warning of decelerating upward momentum, the price failed to make a new high. Today's engulfing red candle broke simultaneously below the averages and the trend line, and we would expect a bearish MA cross in a few hours as a final confirmation that the sell-off may carry on.
Key support: 120.00
Key resistance: 121.00