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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 182101, member: 58758"] [SIZE=7][B]EUR/JPY: TECHNICAL ANALYSIS 11.06.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/EURJPYH411062020.png'][IMG]https://atirox.com/wp-content/uploads/EURJPYH411062020.png[/IMG][/URL] [B]Current trend[/B] On the 4-hour chart, the instrument keeps a moderate negative dynamic. At the moment the price has met the support at 121.267 level. Assuming the pair’s ability to cross this level, the mark of 121.094 can be targeted if holding short positions. As a strong support-zone the area of 121.094-121.000 can activate an upward reverse of the price. However, the breakdown of the 121.000 will accelerate the plunge towards 120.700-120.400. [B]Alternative scenario[/B] The upward rebound from 121.267 will let the price re-test 121.875 resistance. The breakout of this level and pair’s sustained trading above 122.277 level will be a signal of the upward trend resumption. In this case, the buyers will aim for the 122.656 resistance. [B]Technical indicators[/B] Technical indicators maintain a sell signal. Bollinger Bands are pointed downwards. MACD is growing in the negative zone. Stochastic’s lines are pointed downwards and are reaching the oversold area. [B]Support and resistance[/B] Support levels: 121.094, 120.700, 120.400. Resistance levels: 121.875, 122.277, 122.656. [B]Trading recommendations[/B] Short positions can be opened below the level of 121.094 with the target at around 120.700 and stop-loss at 121.225. Long positions can be opened above the level of 121.875 with the target at around 122.277 and stop-loss at 121.741. [/QUOTE]
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