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USD/JPY intraday: the RSI is oversold
2023-10-03
563
Our pivot point stands at 149.11.
Our preference: the downside prevails as long as 149.11 is resistance.
Alternative scenario: above 149.11, look for 149.52 and 149.77.
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 is trading under both its 20 and 50 period moving average (respectively at 149.37 and 149.65).
Supports and resistances:
149.77 **
149.52 *
149.11 **
148.95
148.78 last
148.25
148.01 **
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