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EUR/JPY intraday: the RSI is oversold
2024-03-28
846
163.71 is our pivot point.
Our preference: the downside prevails as long as 163.71 is resistance.
Alternative scenario: above 163.71, look for 164.16 and 164.43.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 163.60 and 163.61).
Supports and resistances:
164.43 **
164.16 *
163.71 **
163.54
163.22 last
162.68
162.41 **
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