EUR/JPY intraday: the downside prevails as long as 159.04 is resistance
Our pivot point stands at 159.04.
Our preference: the downside prevails as long as 159.04 is resistance.
Alternative scenario: above 159.04, look for 159.51 and 159.79.
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 159 and 159.42).
Supports and resistances:
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