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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 182249, member: 58758"] [SIZE=7][B]EUR/JPY: TECHNICAL ANALYSIS 16.06.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/EURJPYH416062020.png'][IMG]https://atirox.com/wp-content/uploads/EURJPYH416062020.png[/IMG][/URL] [B]Current trend[/B] On the 4-hour chart, the instrument keeps a positive dynamic. At the moment the price has met the resistance at 122.106. Assuming the pair’s ability to cross this mark, the level of 122.300-122.656 can be targeted if holding long positions. This area can prevent the instrument from growing, as the possibility of the reverse of the price is high there. On the flip-side, the decisive breakout of 122.700 could trigger a pair’s fresh run-up to an eight-days high surrounding 123.000. [B]Alternative scenario[/B] The pullback and pair’s sustained trading below 121.500 will be a signal of the downward correction development and let the price decline to the area of 121.200 level, which coincided with the middle line of Bollinger Bands. As the key target of the correction, this level can activate an upward reverse of the price. Meanwhile, the breakdown of 121.094 can accelerate the plunge towards 120.700 support. [B]Technical indicators[/B] Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term. Bollinger Bands are diverging on the background of bullish momentum. MACD histogram is ready to enter the positive zone and form a buy signal. Stochastic is in the overbought zone and is pointed sideways. [B]Support and resistance[/B] Support levels: 121.500, 121.200, 120.900, 120.700. Resistance levels: 122.106, 122.400, 122.656, 123.000. [B]Trading recommendations[/B] Short positions can be opened below the level of 121.500 with the target at around 121.200 and stop-loss at 121.600. Long positions can be opened above the level of 122.106 with the target at around 122.400 and stop-loss at 122.000. [/QUOTE]
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