EUR/JPY intraday: the RSI is overbought
Our pivot point stands at 159.22.
Our preference: the upside prevails as long as 159.22 is support.
Alternative scenario: the downside breakout of 159.22 would call for 158.76 and 158.48.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 159.15 and 158.85).
Supports and resistances:
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