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EUR/JPY intraday: the RSI is oversold
2023-10-03
606
Our pivot point is at 156.18.
Our preference: the downside prevails as long as 156.18 is resistance.
Alternative scenario: above 156.18, look for 156.62 and 156.87.
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 156.40 and 156.73).
Supports and resistances:
156.87 **
156.62 *
156.18 **
156.01
155.78 last
155.24
154.98 **
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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