EURJPY (1H) - short term bearish bias
The January rally has met stiff selling pressures near the major resistance level of 122.50. Yesterday's doji candle was a sign of exhaustion. The euro is likely to pull back in a temporary correction. On the hourly chart, the moving averages and the support level of 122.30 failed under pressure. The bearish MA cross is a confirmation that sentiment has turned downbeat. As the retracement deepens, we would expect the pair to drop towards the 20-day MA near 121.50.
Key support: 121.50
Key resistance: 122.55
The January rally has met stiff selling pressures near the major resistance level of 122.50. Yesterday's doji candle was a sign of exhaustion. The euro is likely to pull back in a temporary correction. On the hourly chart, the moving averages and the support level of 122.30 failed under pressure. The bearish MA cross is a confirmation that sentiment has turned downbeat. As the retracement deepens, we would expect the pair to drop towards the 20-day MA near 121.50.
Key support: 121.50
Key resistance: 122.55
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.