Sellers can remain hopeful below 123.50 – EUR/JPY

 

  • EUR/JPY buyers attack 50-bar SMA after bouncing off the lowest since July 20.
  • Short-term horizontal resistance, a falling trend line from September 10 adds to the upside barriers.
  • Normal RSI conditions favor further recovery but bulls are probed by the key upside barriers.
  • Sellers may look for entries below the monthly low.

EUR / JPY recorded a small motion in turn intraday high of 123.17 early Tuesday. In doing so, the pair of SMA 50 bar confronts the middle normal conditions RSI.

Considering Monday U-turn at the bottom of several days, buyers EUR / JPY is likely to cross the SMA immediate resistance around 123.15 / 20.

Although a horizontal area since September 17, near 123.25 / 35, followed by a downward trend line of 13 days, currently around 123.50, after probe the bulls.

In a case where EUR / JPY manages to cross 123.50 is the period before September 18th high near 124.30 can not be excluded.

Otherwise, the threshold 123.0 and 122.60 can offer media near the pair during his fresh setback.

It should be noted that sellers remain cautious unless witness a low monthly fee under 122.37. In doing so, the high of early July near 122.00 could be on their radar.

EUR/JPY four-hour chart


This analysis powered by PipsWin.

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