EUR/JPY Intraday: the RSI is oversold
Jan 10, 2025 3:44 PM
the downside prevails as long as 162.43 is resistance.
Our pivot point stands at 162.43.
Our preference:
the downside prevails as long as 162.43 is resistance.
Alternative scenario:
above 162.43, look for 163.28 and 163.79.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 162.61 and 162.76). Finally, the EUR/JPY has penetrated its lower Bollinger band (161.75).
Supports and resistances:
163.79 **
163.28 *
162.43 **
162.09
161.59 last
160.48
159.97 **
159.46 *
158.95 **
Our preference:
the downside prevails as long as 162.43 is resistance.
Alternative scenario:
above 162.43, look for 163.28 and 163.79.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 162.61 and 162.76). Finally, the EUR/JPY has penetrated its lower Bollinger band (161.75).
Supports and resistances:
163.79 **
163.28 *
162.43 **
162.09
161.59 last
160.48
159.97 **
159.46 *
158.95 **
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EUR/JPY
160.416
0.732
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