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EUR/JPY intraday: look for a drop towards 159.01 before a bounce
2024-01-16
783
Our pivot point is at 159.01.
Our preference: look for a drop towards 159.01 before a bounce.
Alternative scenario: the downside breakout of 159.01 would call for 158.30 and 157.88.
Comment: the RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 159.55 and 159.46).
Supports and resistances:
161.78 **
161.36 *
160.94 **
160.52
159.57 last
159.29
159.01 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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