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EURJPY - So it began

FX_IDC:EURJPY   Euro / Japanese Yen
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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
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