EURJPY (1H) - short term bullish bias
The single currency rose back from the psychological price tag of 117 after a bullish RSI divergence hinted at a potential reversal last week. The bullish MA cross is the confirmation that the price action was turning around and more buyers might join the action as the rally extends to the upside. While profit-taking would occur near 118 we expect firm support from the averages in case of a pull back.
Key support: 117.60
Key resistance: 118.00
The single currency rose back from the psychological price tag of 117 after a bullish RSI divergence hinted at a potential reversal last week. The bullish MA cross is the confirmation that the price action was turning around and more buyers might join the action as the rally extends to the upside. While profit-taking would occur near 118 we expect firm support from the averages in case of a pull back.
Key support: 117.60
Key resistance: 118.00
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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.