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EUR/JPY intraday: the RSI is oversold
2024-04-29
879
169.02 is our pivot point.
Our preference: under pressure below 169.02.
Alternative scenario: above 169.02, look for 169.44 and 169.70.
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 positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 169.42 and 168.59). Finally, the EUR/JPY is trading below its lower Bollinger band (standing at 167.44).
Supports and resistances:
169.70 **
169.44 *
169.02 **
168.85
166.61 last
166.05
165.80 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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