EUR/JPY Intraday: the RSI is oversold
Oct 1, 2024 2:23 PM
the downside prevails as long as 159.63 is resistance.
Our pivot point is at 159.63.
Our preference:
the downside prevails as long as 159.63 is resistance.
Alternative scenario:
the upside breakout of 159.63, would call for 160.30 and 160.70.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 159.80 and 159.90).
Supports and resistances:
160.70 **
160.30 *
159.63 **
159.37
158.74 last
157.63
157.23 **
156.84 *
156.44 **
Our preference:
the downside prevails as long as 159.63 is resistance.
Alternative scenario:
the upside breakout of 159.63, would call for 160.30 and 160.70.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 159.80 and 159.90).
Supports and resistances:
160.70 **
160.30 *
159.63 **
159.37
158.74 last
157.63
157.23 **
156.84 *
156.44 **
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EUR/JPY
161.962
-0.092
-0.06%