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EUR/JPY intraday: the RSI is oversold
2024-03-07
454
161.40 is our pivot point.
Our preference: the downside prevails as long as 161.40 is resistance.
Alternative scenario: the upside breakout of 161.40, would call for 161.80 and 162.03.
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 161.57 and 162.23).
Supports and resistances:
162.03 **
161.80 *
161.40 **
161.24
161.05 last
160.57
160.33 **
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