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USD/JPY intraday: the RSI is oversold
2024-04-05
158
Our pivot point stands at 151.65.
Our preference: the downside prevails as long as 151.65 is resistance.
Alternative scenario: the upside breakout of 151.65, would call for 152.06 and 152.30.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 151.62 and 151.65). Finally, the USD/JPY is trading below its lower Bollinger band (standing at 151.33).
Supports and resistances:
152.30 **
152.06 *
151.65 **
151.49
151.25 last
150.63
150.39 **
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