ByLCMS Traders FX Analysis Team
JUL 28, 2021
EUR/JPY is currently trading at 129.83 after dropping nearly 55 pips yesterday. The pair’s intraday support levels are at 129.55 and 129.34. The intraday resistance levels are at 129.91 and 129.26.
The intraday charts are currently suggesting a lower move. The SMA-14 is indicating resistance at 129.93 and the SMA-50 resistance line is at 131.77. The pair is also keeping below the mid-Bollinger band which is at 130.28 while the upper and lower bands are at 131.77 and 128.78 respectively. The RSI is at 42 and the MACD is below the middle line. Following the intraday price pattern and considering the nearby resistance zones the pair is good to sell using the following levels
Direction: Sell
Entry: 129.95
Take Profit: 129.40
Stop-Loss: 130.28
Bulls need a sustained price action above 130.00 to stay in the game. On the downside, an intraday closing below 129.40 is needed for the bears to extend the downside towards 128.70 and 128.50 during this week.
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