EURJPY Retains Downside Bias Despite Price Hesitation

EURJPY: The cross saw downside pressure on Tuesday though taking back some of those gains. It still remains weak and vulnerable to the downside. We continue to look for more weakness. Support comes in at the 131.50 level. Further down, support stands at the 131.00 level where a violation will aim at the 130.50 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance comes in at the 132.50 level where a break will aim at the 133.00 level. Further out, a turn above here will shift attention to the 133.50 level with a breach will turn focus to the 134.00 level. All in all, the cross faces further downside pressure in the medium term.

Views: 71


You need to be a member of Forex Social Network to add comments!


© 2019   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service