The optimism on EURJPY has dwindled, post the retails sales data of Japan. ADS Securities’ research team will turn Bearish EURJPY below 119.95. Do you agree with this analysis?
29 March, ADS Securities – The EURJPY pair traded lower for the second consecutive session yesterday and closed at 120.14. Early today, the pair continued its trading in an upward trending channel supported by a weaker than expected large retailer’s sales in Japan.
Bearish EURJPY below 119.95
The pair attempted to break above the EMA 200 but was unable to sustain above the same and retreated to trade with a bearish bias. Also, the MACD is slightly pointing south, further confirming the above view. Key intraday support is placed at the 120.15 level, followed by the 120.10 where EMA 55 is trading and 119.95 levels. A move back below the latter might trigger negative momentum in the pair.
On the contrary, key resistance is positioned at the 120.40 where EMA 200 is placed, followed by the 120.45 and 120.50 levels. A surge above the latter might trigger strength in the pair.
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