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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 178388, member: 58758"] [SIZE=7][B]EUR/JPY: TECHNICAL ANALYSIS 23.03.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/EURJPYH423032020.png'][IMG]https://atirox.com/wp-content/uploads/EURJPYH423032020.png[/IMG][/URL] [B]Current trend[/B] On 4-hour chart, EUR/JPY is trading below the middle line of Bollinger Bands suggesting bearish momentum. The instrument is now testing the level of 117.969-119.847 support zone. The breakdown of the lower border can accelerate the plunge towards 117.560-117.389 levels. [B]Alternative scenario[/B] The upward rebound from 117.969 and pullback above 118.268 ( middle line of Bollinger Bands) will be a sign of the upward trend resumption and give a prospect of growth to the area of 118.564-118.750 resistance zone. The upper border can activate a downward reverse of the price. Meanwhile, the breakout of this level can accelerate the pair towards 119.283 resistance. [B]Technical indicators[/B] Technical indicators maintain a sell signal. Bollinger Bands are diverging on the background of bearish momentum. MACD histogram is ready to enter the negative zone and form a sell signal. Stochastic’s lines are pointed downwards and are reaching the oversold area. [B]Support and resistance[/B] Support levels: 117.969, 117.560, 117.389. Resistance levels: 118.564, 118.750, 119.283. [B]Trading recommendations[/B] Short positions can be opened below the level of 117.969 with the target at around 117.560 and stop-loss at 118.105. Long positions can be opened above the level of 118.564 with the target at around 118.750-119.000 and stop-loss at 118.418. [/QUOTE]
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