EUR/JPY: 123.70 awaits
EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
EUR/JPY is just above support
Information is not investment advice
The safe-haven appeal of the Japanese yen looks quite strong these days. EUR/JPY remains within the general downtrend (senior timeframes still have all indications of the bearish dynamics) and looks like it’s ready for another swing lower. On H4, there’s distinctive support at 117.45. A decline below it will open the way to 117.10 and 116.60. The 50-period MA is about to get below the 200-period one forming a bearish “dead cross”. Resistance is at 118.15 and 118.65.
Elizabeth Belugina
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