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EUR/JPY analysis for Thursdayto Nov. 7, 2019




EUR/JPY intraday: the RSI is oversold
120.52 is our pivot point.

Our preference: the downside prevails as long as 120.52 is resistance.

Alternative scenario: the upside breakout of 120.52, would call for 120.91 and 121.14.

Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 120.45 and 120.63).

Supports and resistances:
121.14 **
120.91 *
120.52 **
120.36
120.20 last
119.74
119.50 **
119.27 *
119.04 **

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